UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Honeywell International Following Aerospace Facilities Visit

In a report published Friday, Bank of America analyst Andrew Obin reiterated a Buy rating on Honeywell International HON, and raised the price target from $79.00 to $88.00. In the report, Obin noted, “We recently visited Honeywell's Aerospace facilities in Phoenix, AZ, with the focus of our meeting on the propulsion and APU product lines. These product lines fall under Honeywell's Mechanical Sub Systems, which contributed $2.9bn in revenue in 2012 and comprises the APU, Environmental Control Systems, and Electric Power products. During our meeting, Honeywell noted that it believed air transport flight hours bottomed in 1Q13 and it expects demand to pick up through 2013, driving mid single digit aftermarket growth in 2H13. Our colleagues from the Aerospace & Defense team joined us on the trip.” Honeywell International closed on Thursday at $78.73.