Royal Bank Cuts Price Target on Honeywell by $5

Royal Bank of Canada has reduced its price objective for Honeywell International from $298.00 to $293.00, suggesting a potential upside of 27.70% from the company's previous close.

This revision comes after several analysts have weighed in on the conglomerate's stock. While some remain bullish, with an 'outperform' rating and a price target of $293.00, others are more cautious, including Weiss Ratings which downgraded Honeywell International from a 'hold (c)' rating to a 'hold (c-)' rating.

Despite the mixed views, Royal Bank of Canada's revised price objective remains one of the highest targets for the company's stock, with 13 analysts currently rating it as a 'buy' and only one analyst issuing a 'sell' rating. The consensus rating is 'hold' with an average target price of $253.83.

Honeywell International has a market capitalization of $72.72 billion and a PEG ratio of 5.24, indicating that the stock may be overvalued compared to its peers. However, the company's revenue growth rate is still relatively high at 3.4% year-over-year.