Argus reiterated a Honeywell International Inc. (NYSE: HON) Buy rating and raised its price target to $130 from $125. The analysts see the recent selloff as a buying opportunity for investors.
Honeywell shares have underperformed the S&P 500 over the past quarter, gaining 1 percent while the S&P 500 has risen 3.3 percent. Shares have outperformed the market over the past year, with a gain of 14 percent, compared to the market's advance of 4.6 percent.
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The analysts believe Honeywell, a leading blue-chip industrial company, is poised to generate low double-digit earnings growth over the next five years. They think that Honeywell will continue to benefit from its diverse product lines and relatively low exposure to U.S. defense spending, as well as from its strong presence in the commercial aerospace and construction markets.
"Its fast-growing turbo motors segment should also benefit from increasing demand for fuel efficiency. In China, the company is selling 'mid-market' products that are growing despite the infrastructure slowdown," wrote Argus.