Honeywell International (HON) Received its Third Buy in a Row


After J.P. Morgan and Robert W. Baird gave Honeywell International (NYSE: HON) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Christopher Glynn maintained a Buy rating on Honeywell International today and set a price target of $184. The company’s shares opened today at $165.56, close to its 52-week high of $167.63.

Glynn commented:

“We are adjusting 2019E EPS for best estimate of HON without the pending spin-offs of Garrett (Transportation Solutions in HON Aero; begins regular trading as GTX on 10/1) and Resideo (Homes & distribution in HON HBT; 10/10 investor day/spin date by year-end). We are raising ’18E by $0.05 to $8.15 (per recent $0.05 raise of guidance range to $8.10-8.20; unadjusted for spins), and reducing ’19E to $8.20 from $8.80 (effecting the exclusion of the spins as of 1/1/19). HON will provide more material detail on the 3Q earnings call (we assume on EPS impact, post-spin segment margins for Aero and HBT, etc.), so our revisions represent a preliminary mark-to-market for remaining HON.”

According to TipRanks.com, Glynn is a 5-star analyst with an average return of 12.0% and a 71.9% success rate. Glynn covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Roper Technologies, and Eaton Corporation.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Honeywell International with a $172.63 average price target, representing a 4.3% upside. In a report issued on September 17, Robert W. Baird also reiterated a Buy rating on the stock with a $187 price target.

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The company has a one-year high of $167.63 and a one-year low of $139.20. Currently, Honeywell International has an average volume of 2.6M.

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