Honeywell International (HON) is teaming up with Indian government agencies to provide a timely supply of adsorbents to India and help ramp up oxygen production to combat the COVID-19 pandemic situation in the country.
Shares of the multinational conglomerate operating in aerospace, building technologies, performance materials, and safety and productivity solutions have jumped 53.6% over the past year. (See HON stock analysis on TipRanks)
Honeywell said its researchers will collaborate with Indian scientists at the Defence Research Development Organisation (DRDO) and with the Council of Scientific and Industrial Research–Indian Institute of Petroleum (CSIR–IIP) to test and validate the suitability of adsorbents for oxygen production in India.
Dr. Akshay Bellare, President of Honeywell India, commented, “Honeywell is committed to helping India address the current pandemic and is making every effort to find meaningful ways to engage with the Government of India in the fight to save lives.”
J.P. Morgan analyst Stephen Tusa recently reiterated a Buy rating on the stock.
Tusa thinks Honeywell has robust growth potential which remains completely underrated. He said that the several growth initiatives at Honeywell “are on the cusp of bearing fruit in the middle of key early-stage secular trends.”
Overall, the stock has a Moderate Buy consensus rating based on 8 Buys and 5 Holds. The HON average analyst price target of $238.18 implies 5.8% upside potential from current levels.
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