Jefferies raised the firm’s price target on Honeywell (HON) to $260 from $220 and keeps a Hold rating on the shares. A “flurry of strategic actions have been further stimulated” by Elliott’s $5B stake announcement, points out the analyst, who notes that the company announced that it will provide an update on the board’s strategic portfolio review along with Q4 EPS and said that a potential separation of its Aerospace segment is being considered. Spinning Aerospace Technologies “appears the most likely outcome,” but an asset sale is unlikely as the $15B revenue franchise is “too large” for a potential suitor, the analyst tells investors.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HON:
- Honeywell announcement suggests faster break-up timeline, says Citi
- Honeywell release signals Aero breakup ‘likely in the works,’ says BofA
- Honeywell call volume above normal and directionally bullish
- Honeywell still exploring alternatives, Capri weighs Versace sale: Morning Buzz
- Honeywell (NASDAQ:HON) Weighs Aerospace Spinoff amid Activist Pressure