Building controls company Honeywell International Inc. (NASDAQ: HON) recently revealed that it has made a strategic investment in an emergency response data platform, RapidSOS. The terms of the investment have not been disclosed.
Following the news, shares of the company declined marginally to close at $200.65 on Wednesday.
With timely response to emergency situations being a critical matter, Honeywell’s investment in RapidSOS is aimed at modernizing and digitizing the public safety communications process, along with existing communication infrastructure suffering from lags and slow response.
Honeywell’s investment and the ensuing partnership with RapidSOS will enable the Honeywell Connected Life Safety System to connect to the RapidSOS emergency response data platform to provide faster, more accurate communications with emergency centers.
The President of Commercial Fire and Security for Honeywell Building Technologies, Jurgen van Goethem, said, “This investment in RapidSOS helps to further our efforts to improve both the quality of information shared and the time it takes for first responders to arrive at an emergency, potentially saving more lives. RapidSOS helps to deliver better information to emergency centers while our recent acquisition of US Digital Designs improves communication from the emergency center to the fire station.”
Recently, Jefferies analyst Sheila Kahyaoglu reiterated a Hold rating on the stock with a price target of $230, which implies upside potential of 14.6% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 5 Buys and 6 Holds. The average Honeywell price target of $237.18 implies that the stock has upside potential of 18.2% from current levels. Shares have gained about 0.6% over the past year.
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