RBC Capital raised the firm’s price target on Honeywell (HON) to $253 from $213 and keeps a Sector Perform rating on the shares. The call by Elliott pushing for a two-way split into Aerospace RemainCo and automation-focused SpinCo makes sense as it would address the company’s “chronic underperformance”, even though Honeywell’s recent share underperformance is partly attributable to market disfavor of high-quality earnings stories vs. cyclically-leveraged names, the analyst tells investors in a research note.
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