Citi Maintains Hold Rating On HON

Citi is maintaining its Hold rating on shares of Honeywell International Inc.

. “Honeywell's analyst meeting at its Personal Protection Equipment (PPE) facilities outside Providence, RI on April 29 highlighted its position as the largest competitor in the highly-fragmented $20 billion PPE market, a position it has built largely through the $+1 billion acquisitions of Norcross and Sperian,” Citi writes. “While the meetings were positive at the margin, there were no new disclosures that we would consider to be stock-moving from these businesses,” Citi writes. “We were impressed how the meeting highlighted both Honeywell's strong position in the attractive safety products market growing 1.5x-2x GDP, as well as its M&A processes of acquisition identification and integration, of which Norcross and Sperian are successes. Our estimates and Hold rating are unchanged.” Honeywell closed Friday at $61.23.