After Honeywell (HON) announced last week that it had raised $600M in equity for Quantinuum at a valuation of $10B, Jefferies notes that this is twice the valuation of its January 2024 fundraise and implies about $7 per share in the firm’s sum-of-the-parts valuation of Honeywell given its 54% ownership stake. While Honeywell previously had stated plans to monetize Quantinuum as early as 2025, an IPO is likely shifting into the 2026 timeframe, adds the analyst, who has a Hold rating and $240 price target on Honeywell shares.
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