Honeywell International Inc

HON: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Honeywell Earnings: Growth Bolstered by Acquisition Spree; Weakness in Industrial Automation

Nicholas Lieb

Oct 24, 2024

Honeywell delivered mixed results for the third quarter of 2024, with organic sales up 3% and management lowering full-year guidance. We've lowered our fair value estimate approximately 13% to $197 per share from $226 to reflect more bearish long-term growth expectations and short-term weakness in the industrial automation business. After a fresh review of the decisions that management has made, we disagree with many, and we've downgraded the firm's Capital Allocation Rating from Exemplary to Standard.

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Honeywell International Inc

Honeywell Earnings: Growth Bolstered by Acquisition Spree; Weakness in Industrial Automation

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