Industrial giant Honeywell was upgraded by RBC Capital today. This comes a day after being upgraded by Credit Suisse.
In the note, RBC analyst, Deane Dray, stated, "We believe HON shares are positioned for further re-rating higher following the successful Garrett/Resideo spins that bolstered RemainCo's earnings quality and defensive mix."
Jim Cramer and the ActionAlertsPLUS team have been ahead of this story for months. In the exclusive monthly Members Only call on October 18th, Cramer said, "we strongly believe in the Honeywell story, through a couple portfolio actions this year including the completed spinoff of its Garett Motion Inc. and the upcoming spinoff of its Resideo, Honeywell's transforming from traditional cyclical into an organic growth secular story."
Honeywell has been a longterm holding of AAP and after trimming some shares in early December at $150 they began buying again last week in the $125-$135 range, ahead of the upgrades.
Watch the video above to learn more about why Jim and his team are buying Honeywell.
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