Honeywell International Inc.: Catalysts ahead: CMDs preview, post Quantinuum IPO filing

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Honeywell International Inc.: Catalysts ahead: CMDs preview, post Quantinuum IPO filing

Equity Research

U.S. Multi-Industry

27 May 2026

Honeywell International Inc.

Catalysts ahead: CMDs preview,

post Quantinuum IPO filing

We think HON should re-rate higher amidst the upcoming HON OVERWEIGHT

catalysts; our SoTP value is $251 / share. U.S. Multi-Industry NEUTRAL

Price Target USD 251.00

Price (26-May-26) USD 231.72We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in the

Potential Upside/Downside +8.3%Electrical Equipment & Multi-Industry category. View our analysts » Vote 5 Stars for Source: Bloomberg, Barclays Research

Barclays »

HON is due to host two investor days in the next month, on June 2 (Aerospace) and June 11 U.S. Multi-Industry

(Automation), ahead of the Aerospace spin of June 29. The Quantinuum IPO is also due to Julian Mitchell

occur in the coming days. +1 212 526 1661

julian.mitchell@barclays.com

Our impressions ahead of these events: BCI, US

Jimmy Yunhao Jiang

Investor view: The stock remains relatively out of favor with investors we have spoken with, as

+1 212 526 6042

it has often been viewed as a liquid source of funds in recent years vs purer plays. Incoming jimmy.jiang@barclays.com

interest in the stock has picked up recently given the Quantinuum IPO filings, and the imminent BCI, US

nature of the Aerospace (HONA) spin.

Haemaru Chung

Aerospace investors seem to view HONA as offering more limited top-line growth than many +1 212 526 4758

haemaru.chung@barclays.compeers (it is viewed as having too much ‘legacy’ Commercial AM exposure, not enough

BCI, US

Commercial OE exposure, too much BGA exposure, etc).

Drew Smith

Industrial investors are concerned about the growth profile of Automation (given its low +1 212 526 1325