Jefferies Stays Bullish on Honeywell after Oil Products Unit Update (HON)

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Diversified industrial manufacturer Honeywell International Inc. ( HON ) on Friday caught some continued bullish support from analysts at Jefferies & Co.

The firm maintained its "Buy" rating on HON as well as its $72 price target, which suggests a 26% upside to the stock's Thursday closing price of $57.32.

A Jefferies analyst commented, "HON hosted investors at its UOP [Universal Oil Products] business unit on Aug. 2, to review the prospects of this $2.1-2.2BB operation, which accounts for about 35% of the $6.2BB Performance Materials segment. UOP contributes to the above average 18% operating margins of the segment and accounts for an estimated 8% or so of HON's 2012 OP."

Honeywell shares rose 59 cents, or +1%, in premarket trading Friday.

The Bottom Line
Shares of Honeywell ( HON ) have a 2.60% dividend yield, based on last night's closing stock price of $57.32. The stock has technical support in the $52-$55 price area. The stock is trading near the all-time high levels of $60-$63 a share.

Honeywell International Inc. ( HON ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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