In late-January, Honeywell International Inc.  (HON) - Get Report stock hit a high near $165.

This followed better-than-expected earnings and revenue results for the fourth quarter. Still, the stock couldn't avoid being swept up in the broader market's correction, falling to almost $140 during the depths of the pullback. 

Honeywell rose 2% on Thursday's session.

Analyst Julian Mitchell initiated the stock with an outperform rating and $170 price target. From Honeywell's most recent close, the target represents about 13.3% upside.

Mitchell didn't stop at Honeywell, which is a holding in the Action Alerts PLUS charitable trust portfolio.

He also initiated positive coverage on United Technologies Corp.  (UTX) - Get Report , starting the stock with a buy rating and $157 price target. The stock is up 2.26% to $129.54 as a result. Even after that move, Mitchell's price target still implies about 21.2% upside.

The most recent bill from the government likely bodes well for Honeywell and United Technologies, too. As it's a boost for defense spending, Honeywell could see a slight uptick in sales as well. Along with other secular tailwinds -- like aerospace -- it makes sense why people like the industrial giant.

Honeywell is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells HON?Learn more now.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.