Citi analyst Andrew Kaplowitz maintained a Buy rating on Honeywell International yesterday and set a price target of $265.00.
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Andrew Kaplowitz has given his Buy rating due to a combination of factors, primarily focusing on Honeywell International’s significant stake in Quantinuum, a leading player in the quantum computing industry. Honeywell’s ownership of over 50% in Quantinuum is seen as an underappreciated asset that could yield substantial value over time. The recent $600 million capital raise by Quantinuum at a $10 billion valuation underscores its industry leadership and potential for future breakthroughs.
Kaplowitz highlights Quantinuum’s advancements in quantum computing, including its goal to achieve 100 logical qubits by early 2027 and potentially thousands of qubits in the medium term. These advancements could position Honeywell to monetize its investment effectively. Additionally, the intersection of quantum computing with AI is seen as a catalyst for accelerated development in both fields, further enhancing the potential value of Honeywell’s investment in Quantinuum.
In another report released yesterday, Bank of America Securities also reiterated a Buy rating on the stock with a $275.00 price target.
Based on the recent corporate insider activity of 59 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of HON in relation to earlier this year.