Honeywell International Inc: Standalone Organic

研报英文原文证据摘录

Honeywell International Inc: Standalone Organic

Update

July 23, 2026 11:43 AM GMT

Morgan Stanley & Co. LLCMHoneywell International Inc | North America Christopher Snyder, CFA

Equity Analyst

Standalone Organic Chris.Snyder@morganstanley.comBrandon Knutson +1 212 761-4470

Brandon.Knutson@morganstanley.com +1 212 761-4168

AlphaSignals Earnings Reaction Toby Okwara

Unchanged In-line Modest revision higher Toby.Okwara@morganstanley.com +1 212 761-1693

Impact to our thesis Financial results versus consensus Direction of next 12-month Christine Yao

consensus EPS

Research Associate

Source: Company data, Morgan Stanley Research Christine.Yao@morganstanley.com +1 212 761-4193

Exhibit 1: HON Technologies Organic Growth vs US Multi-Industry Median: Honeywell International Inc (HON.O, HON US)

Relative performance has improved materially over the last ~2yrs and Q2 results Multi-Industry | United States of America

suggest cont'd improvement on the horizon Stock Rating Equal-weight

Industry View Attractive

Price target $245.00

Shr price, close (Jul 22, 2026) $232.99

Mkt cap, curr (mm) -

52-Week Range $260.15-195.77

Source: Morgan Stanley Research, Company Reports

HON posted Q2 EPS of $1.95, solidly above Cons $1.80 and MSe $1.82 w/ upside

driven by firmer organic growth across all three segments. Relative to our model,

organic upside was led by Process Automation & Tech (PAT) which was down just 1%

vs expectations of a 7% decline - a much better than feared outcome relative to

our cautious preview (link) which expressed concern on a high Middle East bar

for HON into 2H. The Q2 resiliency provides evidence that HON is executing better

than broader US Industrials in the region, perhaps driven by the types of products