Honeywell price target lowered to $265 from $275 at BofA

BofA lowered the firm’s price target on Honeywell (HON) to $265 from $275 and keeps a Buy rating on the shares after updating estimates and the firm’s sum-of-the-parts analysis to account for the spin of the Advanced Materials business, Solstice. The firm, which expects Honeywell to update guidance to account for two less months of Solstice, removes Solstice from its estimates starting October 31 and adds $2B in payment transfers to parents to Honeywell’s balance sheet. The firm adds that its sense into quarter-end is that Q3 is “broadly on track.”