On July 3, Honeywell rose 3.01% in regular trading, trading at approximately $228.43/share, with turnover of $6.89 billion. The rebound was driven by a wave of positive analyst initiations and upgrades following the stock's multi-day decline after its aerospace spinoff.
On the news front, multiple investment banks issued bullish ratings in quick succession. BMO Capital Markets initiated coverage of the remaining Honeywell entity with an Outperform rating and a $276 price target. Mizuho maintained its Outperform rating while adjusting its price target to $480. Goldman Sachs maintained a Buy rating with a $552 target. Daiwa Securities upgraded the stock to Outperform with a $255 target, citing approximately 12% upside potential. Deutsche Bank raised its target to $263. The analyst consensus average target stands at approximately $261, well above the current trading level.
Honeywell completed its aerospace business spinoff on June 29 alongside a 1-for-2 reverse stock split, transforming the parent into a pure-play automation company. The stock had fallen over 6% on the first post-spinoff trading day as the market reassessed its value without the high-growth aerospace segment.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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