JP Morgan Maintains Overweight, Raises PT to $56 on Honeywell

JP Morgan reiterates its Overweight rating on Honeywell

and raises its price target to $56 from $55 per share as it 2012 sees a good start following disappointing Q4 update. JP Morgan comments, "While the 4Q update was disappointing, initial 2012 guidance shows Honeywell on track to above-average organic earnings growth, with good visibility versus peers and some nice margin levers from this year's repositioning. The guidance for 13-18% EPS growth (ex-CPG divestiture) is among the best in the group, reinforcing our view of an attractive 2012 story for fundamentals." HON closed at $53.10 per share on Friday.