Bank of America Remains Bullish on Honeywell; Reiterates “Buy” and Boosts Price Target (HON)
On Monday, analysts at Bank of America reaffirmed a positive view on technology and manufacturing company Honeywell International Inc. (HON) due to favorable aerospace and energy markets.
The firm increased its price target on HON from $71 to $77. The new valuation suggests a +12.7% upside to Friday’s closing price of $68.33. Bank of America also backed its “Buy” rating on the company.
A Bank of America analyst commented, “Honeywell management has accomplished much in only a few years, including selling weak businesses, reinvesting in product development, and expanding the global footprint. Honeywell is positioned to meaningfully expand its margins and cash flow, in our view. Favorable tailwinds include aerospace aftermarket growth, global petroleum refining cycle, building manager demand for increasing energy efficiency and the rising penetration of turbochargers.”
Honeywell shares were flat during pre-market trading on Monday. The stock is up +17.26% over the past year.
The Bottom Line
Shares of Honeywell (HON) have a dividend yield of 2.40% based on Friday’s closing price of $68.33.
Honeywell International Inc. (HON) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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