Honeywell raised at BofA ahead of 'likely positive catalyst' Q2 earnings
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Honeywell (NASDAQ:HON) wobbles between small gains and losses in Monday's trading as Bank of America upgrades shares to Buy from Neutral with a $210 price target, saying the company has executed well recently in the volatile macro environment.
BofA's Andrew Obin said Honeywell (HON) was one of the few stocks in his coverage area to beat and raise in Q1 while seeing Q2 earnings as a likely positive catalyst, and is optimistic on recent initiatives including higher on R&D and internal automation, which he said indicate a structural shift towards reinvestment in the business.
Obin also notes Honeywell (HON) has strong pricing power, well offsetting cost.
The analyst also upgraded APi Group (APG) to Buy from Neutral, saying the Chubb acquisition creates "meaningful self-help margin opportunities," and Flowserve (FLS) to Neutral from Underperform, touting the company's end-market strength even as execution has been challenged.
Separately, Honeywell (HON) said Monday it would make an unspecified investment in Electric Hydrogen, which is developing a new generation of electrolyzer technology to enable green hydrogen production.