Markets & Finance

JP Morgan Cuts Honeywell to 'Market Perform'


JP Morgan downgraded Honeywell (HON) to market perform from buy.

Analyst Ron MacDougall says while he continues to see value in Honeywell's franchise, he does not expect the stock to recover until earnings per share visibility improves. MacDougall downgraded on an increasingly challenging fundamental environment, which he says has offset the earnings per share leverage he had seen earlier this year. While the credibility blow is not permanent given the newness of CEO Cote to the company, he believes the stock becomes a "show me" story.

MacDougall cut his $2.28 2002 earnings per share estimate to $2.05, and trimmed the $2.70 2003 estimate to $2.05.


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus