Honeywell Beats 2Q Estimates, Jefferies Raises Price Target

Honeywell International (HON) reported stronger-than-expected 2Q earnings on July 24. Its earnings of $1.26 per share fell 40% year-over-year but topped analysts’ expectations of $1.21. Meanwhile, revenues decreased 19% year-over-year to $7.48 billion but came ahead of the Street estimates of $7.29 billion.

Honeywell’s CEO Darius Adamczyk said that “the second quarter was a challenging one.”

On July 27, Jefferies’ analyst Sheila Kahyaoglu raised the stock’s price target to $175 (17% upside potential) from $170 saying the company remains well-positioned thanks to its “aggressive repositioning, low leverage and cash position.” On July 26, Barclays analyst Julian Mitchell reiterated a Buy rating on Honeywell and increased the price target to $161 from $156.

Overall, HON analysts have a cautiously optimistic Moderate Buy stock consensus. The average price target of $159.50 implies upside potential of a modest 6.7% from current levels. (See HON stock analysis on TipRanks).

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