Honeywell: Jefferies drops buy rating

(CercleFinance.com) - Jefferies has downgraded its rating on the Honeywell share from "buy" to "hold", as the industrial conglomerate's stock has risen by 16% YTD, therefore exceeding its target price, which it the broker has decided to raise from 190 dollars to 210 dollars.


Jefferies believes that the stock could remain within a range for several reasons, including a risk of stagnation in the defense budget (around 15% of sales), while it expects 4% growth p.a. over the next three years.


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