UPDATE: Morgan Stanley Increases PT to $71 on Honeywell Internationa on Revenue Headwinds

Morgan Stanley reiterated its Overweight rating on Honeywell International HON and raisesd its price target from $68 to $71. Morgan Stanley commented, "With Aero A/M, Defense, UOP and Turbo running into headwinds, we see downside risks to FY12e revenue, but front loaded cost saving initiatives should help absorb volume pressure and so preserve EPS guidance. Reiterate OW and raise our 12m price target from $68 to $71." Honeywell International closed at $39.00 on Friday.