Zacks Investment Research downgraded shares of Honeywell International Inc. (HON) from OUTPERFORM to NEUTRAL on July 19, 2012, with a target price of $61.00.
We currently downgrade our recommendation from Outperform to Neutral on Honeywell with a target price of $61.00. The company had a robust quarterly performance, outperforming its earnings expectations. Despite the challenging macro environment, the company's top-line growth was reasonably good. Sales growth in the US and emerging markets was a driving factor for the company. Commercial aerospace and UOP business also performed well and three out of four business segments posted revenue growth. However, the Transport segment was affected by lower European vehicle production and lower aftermarket sales volume. In addition, short cycle businesses in Europe were also weak during the quarter. However, the company expects to deliver solid results in 2012, despite the macro uncertainty.
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