Honeywell to spin off advanced materials unit in CEO's growth push
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TD Cowen Reiterates Buy Rating on Honeywell International (HON)
October 8, 2024 10:07 AM EDTTD Cowen analyst Gautam Khanna reiterated a Buy rating and $230.00 price target on Honeywell International (NASDAQ: HON)
The analyst comments "(1) AM Spin-Off - HON announced a tax-free spin of the AM subsegment ($3.8B of sales; >25% EBITDA margin) within the ESS segment, by late 2025/early 2026. AM comprises approx. 10% of HON's sales/EBITDA, respectively, and thus will be dilutive to remainco HON by approx. 10% before... More
