BofA raised the firm’s price target on Honeywell (HON) to $240 from $220 and keeps a Neutral rating on the shares after Elliott Investment Management disclosed earlier this week its ownership of more than $5B worth of Honeywell shares and outlined an argument for Honeywell to separate into two standalone companies, Honeywell Aerospace and Honeywell Automation, to simplify the portfolio. The firm, which argues the operational focus brought by a break is “the most compelling argument, although that would take time,” notes its newly-raised multiple reflects peer re-rating post the election.
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Read More on HON:
- Honeywell price target raised to $253 from $213 at RBC Capital
- Honeywell assumed with Buy from Neutral at UBS
- Honeywell price target raised to $254 from $215 at Wells Fargo
- Honeywell price target raised to $252 from $229 at Barclays
- Elliott Investment Reveals Honeywell (HON) Position and Calls for Breakup
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