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Morgan Stanley upgrades Honeywell Aerospace to Overweight
The upgrade is paired with a $205 price target and values the stock at about 11.4 times estimated 2028 EBITDA.
Honeywell Aerospace (HONA) has been in a sharp downtrend since its late-June spinoff, but Morgan Stanley analyst Kristine Liwag upgraded the Phoenix-headquartered aerospace company to Overweight in a research note.
Liwag maintained a $205 price target, implying nearly 35% upside from the stock’s previous close, and said HONA now looks like the most attractive large-cap aerospace name in her coverage universe. She also pointed to valuation at about 11.4 times estimated 2028 EBITDA, which she described as a 38% discount to the average sector multiple.
The note expects the shares may test their 20-day moving average, with a break above the $186 level potentially accelerating bullish momentum in the near term. Liwag acknowledged execution bumps and supply chain constraints could limit a quick rebound.
Despite the upgrade, the shares are not attractive for income-focused investors because Honeywell Aerospace does not currently pay a dividend. Yahoo Finance also cited Barchart data showing a consensus Moderate Buy rating and a mean price target around $224 for the next 12 months, alongside agreement from other Wall Street analysts that the remainder of 2026 could look constructive.