New York, October 23 (FinanceEnquiry.com) – Analyst John G. Inch at Deutsche Bank Securities reiterates BUY rating on the shares of Honeywell International Inc (NYSE: HON). The 12-month target price is set to $72.
In a research note published on October 22, the analyst mentions that being driven by sector margins of 15.8 percent that compared to the estimate of 15.2 percent and the last year result of 14.7 percent, Honeywell International posted operating earnings of $1.20 in third quarter of 2012 that were nicely ahead of the anticipation of $1.12 and the consensus estimate of $1.14.
Moreover, it has been noticed that a lower tax rate toted up 5 cent to 6 cents of EPS benefit which Honeywell International anticipates to reverse in fourth quarter of 2012. In addition to this, being below the existing consensus estimate to some extent, Honeywell International maintained its yearly EPS guidance at the midpoint of $4.48 that implies EPS of approximately $1.10 in fourth quarter of 2012.
HON’s comparatively strong performance seems being prominent, taking into consideration the backdrop of companies reducing yearly guidance. In opposition to the previous down 2 percent (at the midpoint) supposition, Honeywell International slashed its prediction of European light vehicle production for 2H to down 8 percent. On the whole, as compared with the estimate, non-operating items seemed in-line to elevated quality.
Besides, driven margin growth at ACS, double-digit UOP increase and still tough European vehicle situations offset by gains of turbo penetration in the US and China, the company gave a initial outlook of next year that calls for continued Aerospace strength and productivity. Furthermore, estimated historical P/E analysis for the years 2012 and 2013 are 14 x and 12.6 x, respectively, while for 2011, actual P/E analysis was 23.1 x, the analyst adds further.
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