Morgan Stanley’s Upgrade of Honeywell Aerospace: Valuation Gap vs. Execution Risk
Morgan Stanley raised Honeywell Aerospace (HONA) to Overweight with a $205 price target, highlighting a substantial valuation discount to peers. The call rests on the view that supply-chain issues are solvable and that a 2027-2028 recovery will close the gap. Counterarguments include negative book equity, multiple downward earnings revisions, and c…