Multinational conglomerate Honeywell International (HON) announced that it has acquired Performix Inc., a provider of manufacturing execution system (MES) software for the pharmaceutical manufacturing and biotech industries.
The deal is expected to bolster Honeywell’s integrated software platform for customers within the life sciences industry and help in achieving faster compliance, improved reliability and better production.
As per the agreed terms, Performix MES software will combine with Honeywell’s large and growing portfolio of automation solutions. (See Honeywell stock chart on TipRanks)
The President of Honeywell Process Solutions, Ujjwal Kumar, said, “Performix’s manufacturing execution system software allows us to expand our capabilities and further accelerate Honeywell’s connected life sciences vision of integrating data from multiple systems into a manufacturing ecosystem that assures quality, compliance and efficiency.”
Two months ago, UBS analyst Markus Mittermaier reiterated a Hold rating on the stock and raised the price target to $230 from $220. The new price target implies 5.6% upside potential from current level.
The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 6 Buys and 3 Holds. The average Honeywell price target of $244.67 implies 12.3% upside potential to current levels.
HON scores an 8 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to outperform market averages.
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