UPDATE: Sterne Agee Assumes Coverage of Honeywell International

A report from Sterne Agee assumes coverage of Honeywell International HON and upgrades it from Neutral to Buy. The report states, “Commercial aftermarket has been recovering in 2011 with four consecutive quarters of double-digit growth as inventory de-stocking was completed in 2010 and demand re-coupled up with global flight hours. This is and will continue to be a big driver of HON's double-digit earnings growth, coupled with growth within industrial markets and building end markets in emerging regions served by ACS. With a 50/50 split in domestic and international sales, we believe HON is a well-positioned large-cap company to play the continued global cyclical expansion in 2012.” HON closed yesterday at $49.14.