Honeywell price target lowered to $220 from $230 at BofA

BofA analyst Andrew Obin lowered the firm’s price target on Honeywell (HON) to $220 from $230 and keeps a Neutral rating on the shares. While Honeywell reported a beat in the quarter on corporate and below-the-line items and raised guidance on below-the-line items, it “operationally lowered” Q4 to reflect unexpected issues in the company’s longer cycle businesses, the analyst tells investors. While the delayed recovery in short-cycle businesses was “not a big surprise, we did not foresee the long-cycle lack of visibility into the year end,” says the firm, which no longer has conviction that the company will be able to bridge towards the high end of the 4%-7% long-term organic growth range in 2025 given concerns around delays in Commercial Aerospace, Process Solutions, and UOP segments.