UPDATE: Morgan Stanley Reiterates On Honeywell International On Solid 2015 Consensus

In a report published Monday, Morgan Stanley analyst Nigel Coe reiterated an Overweight rating on

, and raised the price target from $104.00 to $106.00. In the report, Morgan Stanley noted, “With an impressive 5% core growth (+2ppts Q/Q, well above 3% MSe/ consensus) augmented by continued margin momentum (+70bps Y/Y) across the portfolio, HON's 3Q results should compare very well to peers, when all is said and done. The strength was also very broad-based, with all segments printing better than expected results, and we were particularly encouraged by 6% core growth at ESS (signs of recovery in US non-resi) and 150bps Y/Y Aero margin expansion: ~100bps Y/Y ex-FM impact despite unfavorable A/M mix, with mgmt noting benefits of material productivity.” Honeywell International closed on Friday at $90.06.