HONA: Standalone, but Not Standing Out Quite Yet

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HONA: Standalone, but Not Standing Out Quite Yet

Equity Research

Initiation of Coverage — July 1, 2026

Aerospace & Defense

Honeywell Aerospace Inc.

Standalone, but Not Standing Out Quite Yet Equal Weight

Price Target: $250.00

Our Call Ticker HONA

Upside/(Downside) to Target 13.1%

We initiate HONA at Equal Weight as we expect growth to continue to lag peers for now

with margin upside to take time. Our $250 price target reflects 15x EBITDA on our 2028 Price (06/30/2026) $221.08

estimate. 52 Week Range $200.00 - 297.50

Market Cap (MM) $70,069

HONA has forecast above-market growth in defense, bizjet, and its RMU aftermarket Enterprise Value (MM) $84,915

business. We don’t see enough upside to offset what we see as lagging comm aero OE Average Daily Value (MM) $361

and AM growth. Specifically, HONA has forecast HSD EBIT CAGR through 2030, which we Dividend Yield 0.0%

see below peers. We forecast adjusted EPS at $10-11 in 2026-27.

$ (Dec) Q1 Q2 Q3 Q4 FY

HONA has lost share on newer platforms that will increasingly drive the aftermarket EPS

from here while having relatively higher share on older aircraft that increasingly will be 2026E 2.18 A 2.32 A 2.53 A 2.71 A 9.75 E

retired. Specifically, we estimate that HONA’s out-of-warranty installed base, which we 2027E 2.38 E 2.55 E 2.77 E 3.01 E 10.71 E

view as the primary driver of aftermarket, flat through 2030.

Source: Company Data, Wells Fargo Securities estimates, and Factset.

NA = Not Available, NC = No Change, NE = No Estimate

We see bizjet and defense providing some offset. In bizjet, HONA is primarily exposed

David Straussto the super midsize segment that we forecast to outgrow. In defense, HONA is primarily

Equity Analyst | Wells Fargo Securities, LLC