Honeywell price target lowered to $220 from $240 at Wells Fargo

Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on Honeywell (HON) to $220 from $240 and keeps an Equal Weight rating on the shares. Guidance came in below expectations, but the firm thinks it could be a conservative start. Wells is modeling organic toward the high end of the range and margins toward the low end. Aero growth and margins plus IA growth are the primary upside focus areas, the firm adds.