Guidance Lowered
Growth Prospects Hurting?
Credit Suisse expressed concerns about the company's inability to meet sales forecast, which is currently being offset by additional restructuring and headcount reductions. The firm believes the earnings outperformance despite the sales shortfall may have come at the expense of future growth.
Discount In Valuation Closing In
The firm believes the company is losing share in aerospace, with organic sales growth at this segment now about 1 percent compared to peer group growth of 4+ percent. The firm is of the view that the disconnect between aerospace pure plays, which had de-rated, and other companies with large aerospace exposure, which had seen their valuation multiple re-rate, would begin to close.
Credit Suisse has a Neutral rating on the shares of the company.
At time of writing, Honeywell shares were down 7.72 percent at $106.69.
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