Honeywell double downgraded to Underperform at BofA

As previously reported, BofA double downgraded Honeywell (HON) to Underperform from Buy with a price target of $205, down from $265. The industrial conglomerate is reorganizing its portfolio and separating into Honeywell Aerospace and Honeywell Automation, notes the analyst, who says “history suggests simplification creates value.” However, the catalyst path is “challenging” and the Solstice spin and Aerospace CEO have not matched the firm’s and investor expectations, adds the analyst, who thinks shares will continue to lag when coupled with no EPS growth in 2026.