UPDATE: Citi Upgrades Honeywell to Buy

According to Citi, Honeywell International

is upgraded to Buy. Citi said that it is upgrading HON from Neutral to Buy based on its attractive exposure to improving late-cycle markets (especially aero), above sector average recurring revenue and reassuring 2012 earnings visibility. “We are increasing our target from $55 to $65 for a higher group multiple, implying 23% upside.” Honeywell International closed yesterday at $53.96.