Honeywell Aerospace Spin-Off Seen Supporting Growth, Margins on Standalone Focus, RBC Says

MT Newswires Live06-04 23:54

Honeywell International's (HON) planned spin-off of its aerospace business, Honeywell Aerospace, could support revenue and margin growth through a renewed standalone focus, RBC Capital Markets said.

The firm said in a Wednesday note that Honeywell Aerospace outlined organic growth targets of 7% to 9% for 2026 and adjusted EBIT of $4.65 billion to $4.75 billion. It also set 2030 targets of 6% to 8% compound annual organic growth and adjusted EBIT above $6.5 billion, according to analyst meetings held in Phoenix earlier this month.

RBC said key growth drivers include about $90 billion in new wins, supply chain improvements and strong industry fundamentals. Management also highlighted improved execution and a new operating system designed to drive continuous improvement, integrate supply chains and improve productivity.

The company expects low maintenance capital expenditure of around 1% to 2% of sales and plans to balance capital allocation across organic investment, dividends, bolt-on acquisitions, and share buybacks. RBC said adjusted EBIT is expected to grow faster than revenue through 2030.

RBC has an outperform rating on the stock with a price target of $268.

Price: 220.67, Change: -2.59, Percent Change: -1.16

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