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