UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Honeywell International

In a report published Wednesday, Citigroup reiterated its Buy rating on Honeywell International HON, and raised its price target from $67.00 to $70.00. Citigroup noted, “We are increasing our target price from $67 to $70 to reflect our shift in our sector valuation. We continue to assume the large-cap MI-EE group should trade for 14.0x EPS, but are now applying this to our 2013 EPS estimates instead of the blend of 2012/2013 that we used previously. Our HON target continues to assume the shares trade inline with the target group multiple, just above the midpoint of its (15%) to 5% historical relative range.” Honeywell International closed on Tuesday at $57.52.