S&P Capital IQ Reiterates its BUY Rating on Honeywell International, Target Price Reduced

October 24 00:00 2011

NEW YORK, October 24 (RainbowNewsLine.com) – Analyst Richard Tortoriello of S&P Capital IQ reiterates his BUY rating on the shares of Honeywell International (NYSE:HON) . The target price has been reduced from $70 to $65.

Analyst Richard Tortoriello, in a research note published on October 22 mentions that the company reports its Q3 EPS short of the estimates. The Q3 2011 EPS include a net repositioning charge of $0.23 on the sale of CPG, which is reported as discontinued operations, the analyst says. The EPS estimate for 2011 is reduced from $3.96 to $ 3.83. Considering the sluggish global economic outlook, the target price is reduced and the 2012 estimate is reduced from $4.45 to $ 4.20, the analyst mentions. Honeywell International is performing well in other business segments, given the 18% profit growth for Q3, the analyst adds.