Honeywell Updating SOTP Post HONA Investor Day

研报英文原文证据摘录

Honeywell Updating SOTP Post HONA Investor Day

J P M O R G A N North America Equity Research

07 June 2026

Honeywell Overweight

HON, HON US

Updating SOTP Post HONA Investor Day Price (05 Jun 26):$213.97

Price Target (Dec-26):$260.00

HONA 2030 targets introduced were largely in line with our expectations, though Electrical Equipment & Multi-

with a more back-loaded profile than expected. 29% LT margins (we estimate Industry

27.5% on an adjusted basis) that HON has historically spoken to is officially off Chigusa Katoku AC

the table (or at least not included in the baseline for 2030), with >$6.5B EBIT (1-212) 622-0855

guidance for 2027 implying ~26% margins, or ~30bps annual expansion off of the chigusa.katoku@jpmchase.com

2025 base, in line with the “small expansion” management had been Seth M. Seifman, CFA

communicating at recent conferences, but importantly, the already modest margin (1-212) 622-5597

expansion profile is expected to be back-loaded within the 2026-2030 timeframe seth.m.seifman@jpmorgan.com

as 1) HON makes growth enabling investments in ’26-’28 including in factories, Alexander Ladd

(1-212) 622-0077

in-sourcing, vertical integration, the supply base, and new product introduction, alex.ladd@jpmorgan.com

and 2) OE mix increases in the near term as throughput improves, backlog

Rocco J Barbero

conversion accelerates, and OE growth strengthens. Additionally, organic growth (1-212) 622-8140

CAGR of 6-8% likely fell short of some bull’s expectations for an official guide rocco.j.barbero@jpmorgan.com

of HSD. All in, this fed into the bear thesis that HON has aftermarket more indexed Piyush Khaitan

to older aircraft and they have underinvested hurting growth, driving the stock (1-212) 622-0605

correction last week in our view.