美国银行在霍尼韦尔二季度业绩后上调评级，理由是订单增长改善

Honeywell Technologies (HON) was upgraded by Bank of America Securities on Tuesday after the company posted stronger-than-expected second-quarter results and demonstrated broad-based order growth that analysts say reduces concerns about its outlook.
Bank of America analyst Andrew Obin upgraded Honeywell Technologies (HON) to Neutral from Underperform and raised his price objective to $265 from $205, citing improving execution and stronger visibility into growth through the second half of 2026.
"The more important takeaway, in our view, was broad-based order strength across all three segments, improving visibility into the expected second-half acceleration," Obin wrote.
The analyst said Bank of America's previous concerns centered on aerospace execution, inconsistent operational performance and limited visibility into future growth. Following the latest quarter, however, the firm believes those risks have eased.
"We are more positive following the quarter, as improving execution supports the earnings ramp while management's cautious initial approach to guiding the new company appears to leave some contingency in the outlook and room for positive revisions into the year end," Obin said.
A key driver behind the upgrade was Honeywell Technologies' order performance. Total orders rose 16% organically to $5.7 billion, with a book-to-bill ratio above 1.1x and backlog increasing 9%.
Short-cycle orders climbed 17%, with double-digit growth across all three business segments.
Process Automation & Technologies posted 24% organic order growth, fueled by demand for liquefied natural gas and gas processing projects. Building Automation orders increased 13%, supported by continued strength in fire safety products and higher-growth vertical markets. Industrial Automation orders rose 10%, including double-digit gains in Europe, the Middle East and China.
Bank of America said the breadth of demand supports management's forecast for 4% to 6% organic growth in both the third and fourth quarters, as backlog converts into revenue and product shipments accelerate.
The firm also said its industry channel checks support Honeywell Technologies' pricing and inflation outlook. Obin expects the company's book-to-bill ratio to remain around 1.1 times during the second half of 2026, providing additional earnings visibility heading into 2027.
Following the quarter, Bank of America raised its 2026 adjusted earnings per share estimate to $8.25 from $8.05 and increased its segment margin forecast to 20.3% from 20.1%, while leaving its revenue estimate essentially unchanged at about $20.1 billion.
The revised earnings forecast sits above the midpoint of Honeywell Technologies' newly raised 2026 adjusted EPS guidance of $8.05 to $8.35, reflecting what the firm views as conservative assumptions that could leave room for upside later this year.
Looking beyond 2026, Bank of America expects continued strength in building automation, an acceleration in process automation & technologies growth, and improving industrial automation margins as execution improves into 2027.
To reflect its improved outlook, the firm increased its valuation multiple to 17 times estimated 2027 enterprise value-to-ebitda, up from 14 times, supporting its new $265 price target.