Multi-Industry and Electrical Equipment: Today's Wrap: HON and DOV

研报英文原文证据摘录

Multi-Industry and Electrical Equipment: Today's Wrap: HON and DOV

Deutsche Bank

Research

North America Industry Date

Multi-Industry and Electrical Multi-Industry and 23 July 2026 Equipment

Electrical Equipment

Today's Wrap: HON and DOV

Nicole DeBlase

Today, Honeywell and Dover reported quarterly earnings and held their Research Analyst

conference calls; in this report, we lay out our thoughts on the quarter and +1-212-250-5916

summarize the updates we’ve made to our models and price targets.

Andrew Krill, CFA

HON: Raising our price target by 7% to $282; maintain Buy rating Research Analyst

Investor positioning on HON remains decidedly negative, and so we were not +1-212-250-2997

surprised to see the stock gain ~6% on the back of a solid MSD% core operating

Naim Kaplan

beat, robust (and accelerating) organic order growth (+11%, with 17% short-cycle Research Associate

growth), and a full-year guidance raise. From here, we view an upward shift into +1-212-250-5332

HSD organic growth territory as a real possibility, driven by continued strength

within BA (has been posting HSD organic growth for some time), increasing Jackson Glenn

Research Associate

project activity within PA&T (as seen within recent order trends), and the impact +1-212-250-2500

of a short-cycle industrial recovery on IA. In this sense, we now forecast $8.34 adj.

EPS in 2026, near the high end of the upwardly revised $8.05-8.35 guidance

range – but see the potential for further upside if order strength continues. In

2027, we think HON could deliver above-average adj. EPS growth of ~25%, Key changes

justifying, in our view, a mid-20s NTM P/E multiple. Our price target increases 7% Dover

to $282 (based on 25x our NTM EPS forecast, in 12 months’ time); we maintain Price target (USD) 230 227 -1%