UBS analyst Chris Snyder double downgraded Honeywell to Sell from Buy with a price target of $193, down from $220. While Honeywell’s outsized $29B backlog into the 2023 slowdown will likely protect near-term results, the backlog burn could intensify into 1H23 on further order compression amid the macro slowdown and normalizing lead times, Snyder tells investors in a research note. Honeywell shares are trading at a historically high valuation, but Snyder would categorize end market exposures as just decently positioned for the macro at hand.
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