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

In a report published Monday, Jefferies reiterated its Buy rating on Honeywell International HON, and raised its price target from $72.00 to $77.00. Jefferies noted, “Our 2013 EPS estimate remains unchanged at $4.90. The company reported proforma EPS of $1.10 vs. $1.05 and proforma full year results of $4.48 vs. $4.05. On a GAAP basis, including mark-to-market for pension, 2012 EPS was $3.69 vs. $2.61. HON demonstrated solid margin performance in each of its business units in 2012. We expect margins to improve 50 bps in 2013 driven by volume, productivity, lower restructuring, and pension tailwind.” Honeywell International closed on Friday at $68.33.