UPDATE: Stifel Nicolaus Initiates Honeywell International at Buy on M&A, Execution

Stifel Nicolaus initiated coverage on Honeywell International HON with a Buy rating and a $72 price target. Stifel Nicolaus noted, "Honeywell is a well managed diversified technology and manufacturing company with a global presence that over the last decade has significantly transformed its business mix with over 70 disciplined acquisitions to position the company to take advantage of favorable trends in globalization and productivity, safety and security, energy efficiency, and energy generation, as well as by divesting around 50 non-core businesses. This M&A activity in combination with a strong execution on operational efficiency initiatives has greatly improved the company's margin and growth profile, which should allow Honeywell to outperform even in challenging macro environments, in our view." Honeywell International closed at $60.59 on Tuesday.