HON: Quick Thoughts Ahead of the Honeywell Technologies Investor Day

研报英文原文证据摘录

HON: Quick Thoughts Ahead of the Honeywell Technologies Investor Day

Electrical Equipment & Multi-Industry

FLASH

FLASH: HONEYWELL (HON) June 11, 2026

HON: Quick Thoughts Ahead of the Honeywell Rating:

Technologies Investor Day Outperform

Price:

We have scanned through the ~100-page slide text that just hit ahead of the $205.88

Honeywell Technologies (RemainCo) investor day that is scheduled to kick off today, Price Target:

$275at 1pm. As it relates to the overall message and financial commitments, it appears % Upside:

very consistent with our preview (LINK) and recent comments from management, but 33.6%

we look forward to the detailed presentation.

Source: FactSet, Wolfe Research

Honeywell is targeting 4-6% organic growth (in line with WRe) comprising M/ Priced as of 06/10/26

HSD growth in Buildings, and MSD in Process & Industrial Automation segments.

Management is actually targeting 6-8% core growth, including 3pts average price

contribution, but has 2pts of “contingency” in its framework. The consistent message

across the segments is monetizing the installed base of Honeywell devices in the field

with software & services: S&S is seen at 45% of sales by 2029e vs. ~40% today. Nigel Coe, CPA; CFA

Higher growth investments (increased from 3.9% sales to 4.5% over past ~5Y) and ncoe@wolferesearch.com

NPI vitality (increased from 31% to 45%) are also common themes. (646) 582-9259 View Nigel’s Research

Honeywell is targeting ~24% operating margin by 2029e - directly in line View HON Model

View Comp Tablewith our model - roughly 400bps OMX from the 20.1% implied at the midpoint

for RemainCo portfolio, comprising 100bps of stranded cost elimination, 100bps Brad Hewitt