Honeywell Cuts Full-Year Revenue Forecast, Analyst Is Optimistic

Shares of Honeywell (HON) are falling in Friday trading after the company reported a 5% fall in quarterly revenue and a lowered full-year revenue forecast. The company said sales for the first quarter were weighed down by the sale of its friction materials business and the strong U.S. dollar. The company cut its full-year revenue forecast to $39 billion to $39.6 billion, from $40.5 billion to $41.1 billion, below analyst estimates. Honeywell also raised the lower end of its full-year profit forecast. J.P. Morgan (JPM) analyst C. Stephen Tusa said he continues to believe 'the company will manage to a well above-average earnings per share growth rate.' He has an Overweight rating on the stock with a price target of $103.79.