Diversified industrial manufacturer Honeywell International Inc. (HON) on Thursday received some continued bullish commentary from analysts at Jefferies & Co.
The firm reiterated its “Buy” rating on HON as well as its $72 price target, suggesting a nearly 26% upside to the stock’s Wednesday closing price of $57.37.
A Jefferies analyst commented, “Management of Honeywell’s Transportation Systems unit along with Caterpillar (NYSE: CAT) jointly hosted investors at CAT’s Tinaja Hills Facility for a briefing and demonstration of off-highway equipment to gain a better understanding of HON’s Turbocharger Capabilities. We estimate that HON generates about $250 million in revenues from the sale of Turbochargers to Caterpillar.”
Honeywell shares rose $1.02, or +1.8%, in premarket trading Thursday.
The Bottom Line
Shares of Honeywell (HON) have a 2.60% dividend yield, based on last night’s closing stock price of $57.37. The stock has technical support in the $53-$55 price area. If the stock can firm up, we see overhead resistance around the all-time high levels of $60-$63 a share.
Honeywell International Inc. (HON) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.