Honeywell upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital analyst Deane Dray upgraded Honeywell (HON) to Outperform from Sector Perform with a price target of $253, up from $235. The company’s “solid” Q3 brings start of Honeywell’s “breakup catalyst-rich phase,” the analyst tells investors in a research note. RBC sees growing momentum across the company’s core segments, improved visibility on execution, and a roadmap toward “value unlock.” The firm’s sum-of-the-parts valuation implies attractive upside.