J.P. Morgan Reiterates Overweight Rating, $70 PT on Honeywell International
In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating and $70.00 price target on Honeywell International (NYSE: HON).
J.P. Morgan noted, “We continue to see HON's initial 2013 outlook as an “in line” event, with limited change relative to our initial take from Monday. HON continues to deliver the margin improvement and disciplined M&A we would expect, with better FCF in 2013 freeing up more dry powder into next year. The main debate will be around organic growth: HON was able to put up EPS in line with the consensus despite only a 1-3% growth outlook, but with this revenue outlook lower relative to some peers and, perhaps, expectations. With details from the call, however, we do not see any differentiating headwinds with some particular conservatism at ACS (guidance +0-2% organic). In short, the thesis remains intact with 10% EPS growth for 2013 better than peers' despite a conservative organic outlook.”
Honeywell International closed on Tuesday at $61.97.
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