APG - Honeywell raised at BofA ahead of 'likely positive catalyst' Q2 earnings

Honeywell ( NASDAQ: HON ) wobbles between small gains and losses in Monday's trading as Bank of America upgrades shares to Buy from Neutral with a $210 price target, saying the company has executed well recently in the volatile macro environment.

BofA's Andrew Obin said Honeywell ( HON ) was one of the few stocks in his coverage area to beat and raise in Q1 while seeing Q2 earnings as a likely positive catalyst, and is optimistic on recent initiatives including higher on R&D and internal automation, which he said indicate a structural shift towards reinvestment in the business.

Obin also notes Honeywell ( HON ) has strong pricing power, well offsetting cost.

The analyst also upgraded APi Group ( APG ) to Buy from Neutral, saying the Chubb acquisition creates "meaningful self-help margin opportunities," and Flowserve ( FLS ) to Neutral from Underperform, touting the company's end-market strength even as execution has been challenged.

Separately, Honeywell ( HON ) said Monday it would make an unspecified investment in Electric Hydrogen, which is developing a new generation of electrolyzer technology to enable green hydrogen production .

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