We are updating our estimates to reflect Honeywell’s recent guidance that excludes the Advanced Materials business. HON shares are trading at 22-times our 2025 EPS estimate, at the low end of their five-year range of 21-27. On price/ sales, HON trades at a multiple of 3.5 below its five-year historical range of 3.9-4.6. Based on the valuation and the growth outlook, our rating remains BUY with a new target price of $250, raised from $225.