Honeywell International Inc.: HON CMD ahead; Lowering PT on weaker near-term FCF outlook for HONA and HON

研报英文原文证据摘录

Honeywell International Inc.: HON CMD ahead; Lowering PT on weaker near-term FCF outlook for HONA and HON

Equity Research

U.S. Multi-Industry

9 June 2026

Honeywell International Inc.

HON CMD ahead; Lowering PT on

weaker near-term FCF outlook for

HON OVERWEIGHTHONA and HON

Unchanged

We expect a MSD% OSG target, at least 50bps of OMX / year, U.S. Multi-Industry NEUTRAL

and a ~95% FCF conversion goal for HON Tech. We update our Unchanged

HON model to be on a go-forward basis. Price Target lowered -5% fromUSDUSD239.00251.00

Price (08-Jun-26) USD 211.80

Potential Upside/Downside +12.8%

Source: Bloomberg, Barclays Research

THE EXTEL SURVEY IS CLOSING SOON Market Cap (USD mn) 134207

Shares Outstanding (mn) 633.65

Support our industry-leading Free Float (%) 99.95

analysts with 5-Star votes in 52 Wk Avg Daily Volume (mn) 4.1 Dividend Yield (%) 2.25

Return on Equity TTM (%) 26.41 the 2026 Extel All-America

Current BVPS (USD) 21.45

Research Survey. Source: Bloomberg

Price Performance Exchange-NYSE

Vote Now View Analysts 52 Week range USD 248.18-186.76

We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in the Electrical

Equipment & Multi-Industry category. View our analysts » Vote 5 Stars for Barclays »

Following the HONA CMD last week (see our initial take) and the HON Tech call yesterday

(see our initial take), we update our HON Tech estimates to be on a go-forward basis

Source: IDC

(including lower FCF conversion estimates) excluding Pension, QNT, Aerospace. We also Link to Barclays Live for interactive charting

lower our PF HONA FCF estimates. Hence, our SoTP-based HON Price Target falls to $239.

We estimate HON Tech. adj. EPS of $4.09 / $4.75 in 2026 / 2027. Of the 16% adj. EPS growth in U.S. Multi-Industry