Oppenheimer Reiterates Outperform On Honeywell On The Back Of 4Q14 Earnings

In a research report issued today, Oppenheimer analyst Christopher Glynn reiterated an Outperform rating on Honeywell International (NYSE:HON) with a price target of $110.

Glynn noted, “HON sees 3% organic growth for 4Q14 vs. 5% in 3Q14, against a 4% tougher y-o-y comparison (4Q13 up 5% organic, 3Q13 up 1%), and 120 bps OM expansion (est. ~30 bps FM divestiture). HON notes flat 4Q organic at Turbo vs. a 15% comparison, while UOP is expected to contract 8-9% against a +17% comparison. With new capacity coming on line, PMT’s UOP is expected to accelerate to hsd organic growth next year (vs. 5-6% this year) and overall PMT backlog was up 8%. New platform launches are expected to drive modestly higher growth for Turbo in 2015 (vs. ~4% ’14E). At ACS, improving momentum was noted for NA industrial demand.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher Glynn has a total average return of 13.0% and a 66.0% success rate. Glynn has a 19.9% average return when recommending HON, and is ranked #226 out of 3354 analysts.

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