Honeywell (HON) (IMGN) (PG) (NSH) (NVR) (GBCI) Ratings, Price Targets

Honeywell International Inc. (NYSE: HON), ImmunoGen, Inc. (NASDAQ: IMGN), Procter & Gamble (NYSE: PG), NuStar GP Holdings (NYSE: NSH), NVR, Inc. (NYSE: NVR) and Glacier Bancorp, Inc. (NASDAQ: GBCI) ratings and price targets.

Nomura (NYSE:NMR) reiterated its "Buy" rating on Honeywell International Inc. (HON).

Canaccord Genuity reiterated its "Buy" rating on ImmunoGen, Inc. (IMGN).

Procter & Gamble (PG) had its price target lowered by Hilliard Lyons from $81.00 to $79.00. They have a “Long-Term Buy” rating on the company.

NuStar GP Holdings (NSH) was downgraded by Citigroup (NYSE:C) from a “Buy” rating to a “Neutral” rating.

NVR, Inc. (NVR) was downgraded by Susquehanna from a “Positive” rating to a “Neutral” rating.

Glacier Bancorp, Inc. (GBCI) was upgraded by Roth Capital from a “Neutral” rating to a “Buy” rating.

Honeywell (HON) (VE) (SBUX) (SONC) (NTAP) (ALB) Downgraded

Honeywell International Inc. (NYSE: HON), Veolia Environnement (NYSE: VE), Starbucks (NASDAQ: SBUX), Sonic Co. (NASDAQ: SONC), NetApp Inc. (NASDAQ: NTAP) and Albemarle Co. (NYSE: ALB) downgraded by analysts.

Honeywell International Inc. (HON) was downgraded by Sanford C. Bernstein from an “Outperform” rating to a “Market Perform” rating.

Veolia Environnement (VE) was downgraded by UBS AG (NYSE:UBS) from a “Buy” rating to a “Neutral” rating.

Starbucks (SBUX) was downgraded by Oppenheimer from an “Outperform” rating to a “Perform” rating.

Sonic Co. (SONC) was downgraded by Oppenheimer from an “Outperform” rating to a “Perform” rating.

NetApp Inc. (NTAP) was downgraded by FBN Securities to a “Sector Perform” rating.

Albemarle Co. (ALB) was downgraded by Longbow Research from a “Buy” rating to a “Neutral” rating.

NVIDIA (NVDA) (MCD) (PBR) (VZ) (SLB) (HON) Price Targets Changed

NVIDIA (NASDAQ: NVDA), McDonald’s (NYSE: MCD), Petroleo Brasileiro SA (NYSE: PBR), Verizon (NYSE: VZ), Schlumberger (NYSE: SLB) and Honeywell International Inc. (NYSE: HON) price targets adjusted by analysts.

UBS AG (NYSE:UBS) lowered its price target on NVIDIA (NVDA) to $16.50. They have a “Neutral” rating on the company.

UBS AG boosted its price target on McDonald’s (MCD) to $97.00. They have a “Buy” rating on the company.

Morgan Stanley (NYSE:MS) cut its price target on Petroleo Brasileiro SA (PBR) to $47.00. They have an “Overweight” rating on the company.

Credit Suisse (NYSE:CS) lowered its price target on Verizon (VZ) to $33.00. They have a “Neutral” rating on the company.

Howard Weil increased its price targeton Schlumberger (SLB) from $103.00 to $110.00. They have an “Outperform” rating on the company.

Sterne Agee lowered its price target on Honeywell International Inc. (HON) to $63.00.

General Electric (GE) (PNC) (FITB) (TRV) (HON) (RAI) EPS Estimates Changed

General Electric (NYSE: GE), PNC Financial Services (NYSE: PNC), Fifth Third Bancorp (NASDAQ: FITB), The Travelers Companies, Inc. (NYSE: TRV), Honeywell International Inc. (NYSE: HON) and Reynolds American, Inc. (NYSE: RAI) EPS estimates adjusted by analysts.

Citigroup (NYSE:C) raised its EPS estimate on Fifth Third Bancorp (FITB). They have a “Hold” rating and a price target of $14.00 on the company.

Credit Suisse (NYSE:CS) cuts its EPS estimate on General Electric (GE) ‘s. They have an “Outperform” rating and a price target of $23.00 on the company.

Citigroup lowered its EPS estimate on Honeywell International Inc. (HON). They have a “hold” rating and a price target of $65.00 on the company.

Citigroup boosted its EPS estimate on PNC Financial Services (PNC). They have a “Hold” rating and a price target of $64.00 on the company.

Morgan Stanley (NYSE:MS) cuts its EPS estimate on Reynolds American, Inc. (RAI). They have an “Equal Weight” rating and a price target of $38.00 on the company.

UBS AG lowered its EPS estimate on The Travelers Companies, Inc. (TRV). They have a “Buy” rating and a price target of $66.00 on the company.

Caterpillar (CAT) (AMZN) (KR) (COL) (HON) (MCD) Price Targets Changed

Caterpillar Inc. (NYSE: CAT), Amazon.com, Inc. (NASDAQ: AMZN), Kroger (NYSE: KR), Rockwell Collins (NYSE: COL), Honeywell International Inc. (NYSE: HON) and McDonald’s (NYSE: MCD) have price targets adjusted by analysts.

Kroger (KR) had its price target raised by Credit Suisse (NYSE:CS) to $30.00. They have an “Outperform” rating on the company.

Amazon.com, Inc. (AMZN) had its price target raised by ThinkEquity to $250.00. They have a “Buy” rating on the company.

Caterpillar Inc. (CAT) had its price target raised by UBS AG (NYSE:UBS) from $104.00 to $114.00. They have a “Neutral” rating on the company.

Rockwell Collins (COL) had its price target lowered by Deutsche Bank (NYSE:DB) to $70.00.

Honeywell International Inc. (HON) had its price target raised by FBR Capital from $64.00 to $66.00. They have a “Market Perform” rating on the company.

McDonald’s (MCD) had its price target raised by Credit Suisse to $97.00. They have an “Outperform” rating on the company.

Ex-Dividend for (HHS) (HIF) (HIO) (HIX) (HON) is May 18

The ex-dividend date for Harte-Hanks Inc. (NYSE:HHS), Western Asset High Income Fund (NYSE:HIF), Western Asset High Income Opportunity Fund (NYSE:HIO), Western Asset High Income Fund II (NYSE:HIX) and Honeywell International Inc. (NYSE:HON) is May 18.

Harte-Hanks Inc. (HHS) pays a dividend of $0.08 with a yield of 3.60 percent.

Western Asset High Income Fund (HIF) pays a dividend of $0.07 with a yield of 8.53 percent.

Western Asset High Income Opportunity Fund (HIO) pays a dividend of $0.05 with a yield of 8.32 percent.

Western Asset High Income Fund II (HIX) pays a dividend of $0.09 with a yield of 9.91 percent.

Honeywell International Inc. (HON) pays a dividend of $0.33 with a yield of 2.18 percent.

Ratings on (EVR) (FLIR) (HON) (KFT) Reiterated

Ratings on Evercore Partners Inc. (NYSE: EVR), FLIR Systems, Inc. (NASDAQ: FLIR), Honeywell International Inc. (NYSE: HON) and Kraft Foods Inc. (NYSE: KFT) reiterated by analysts.

JPMorgan Chase & Co. (NYSE:JPM) analysts reiterated a “neutral” rating on Evercore Partners Inc. (EVR). They have a price target of $34.00 on the company.

Benchmark Co. reiterated a “hold” rating on FLIR Systems, Inc. (FLIR). They have a price target of $28.00 on the company.

Citigroup (NYSE:C) reiterated a “hold” rating on Honeywell International Inc. (HON).

Jefferies (NYSE:JEF) reiterated a “buy” rating on Honeywell International Inc.

Jefferies reiterated a “buy” rating on Kraft Foods Inc. (KFT).

Dividend Yields for (MMM) (LLL) (MAS) (HON) (UTX)

Indicated dividend yields for Standard & Poor's 500 Index companies 3M Co (MMM), L-3 Communications Holdings (LLL), Masco Corp (MAS), Honeywell International (HON) and United Technologies Corp (UTX).

These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.

3M Co (MMM) has a dividend yield of 2.26 percent on a declared dividend of $0.55. The payout ratio is 36.2.

L-3 Communications Holdings (LLL) has a dividend yield of 2.25 percent on a declared dividend of $0.45. The payout ratio is 23.9.

Masco Corp (MAS) has a dividend yield of 2.23 percent on a declared dividend of $0.07. The payout ratio is 870.0.

Honeywell International Inc (HON) has a dividend yield of 2.17 percent on a declared dividend of $0.33. The payout ratio is 37.0.

United Technologies Corp (UTX) has a dividend yield of 2.14 percent on a declared dividend of $0.48. The payout ratio is 36.4.

WESCO (WCC) (WFT) (HON) (ESV) Price Target Changes

Price targets on WESCO International, Inc. (NYSE: WCC), Weatherford (NYSE: WFT), Honeywell International Inc. (NYSE: HON) and ENSCO PLC (NYSE: ESV) were changed on April 25th, with analysts weighing in on the up and downside of the movements.

Citigroup (NYSE:C) boosted their price target on WESCO International, Inc. from $69.00 to $70.00.

Jefferies (NYSE:JEF) cut their price target on Weatherford from $28.00 to $26.00. They have a “Buy” rating on the stock.

Oppenheimer raised their price target on Honeywell International Inc. from $68.00 to $73.00. They have an “Outperform” rating on the stock.

Jefferies raised their price target on ENSCO PLC from $64.00 to $67.00. They have a “Buy” rating on ENSCO.

Can (CAT) (TXT) (UTX) (ETN) (HON) (GE) Meet Expectations?

As evidenced by the recent 6 percent plunge in share price of Alcoa (NYSE:AA), even after beating expectations, U.S. manufacturers such as General Electric Co (NYSE:GE), Caterpillar Inc (NYSE:CAT) and Textron Inc (NYSE:TXT), United Technologies Corp (NYSE:UTX), Eaton Corp (NYSE:ETN) and Honeywell International Inc (NYSE:HON) will be under pressure to perform as investors remain jittery about the economy.

Growth has been decent over the last year, but the artificial stimulation coming from quantitative easing is about to end, and questions of whether or not the companies can sustain themselves are already on the periphery of the minds of investors.

There is uncertainty about the sustainability of the so-called recovery around the world, and with so many negative catalysts creating economic pressure, it's no a surety by any means manufacturers will continue to grow at the level they recently have.

Manufacturers will also have to deal with recent success as well, which appears to be slowing in growth, which will weigh on the stocks if there aren't positive catalysts to balance off the negative.

In other words, it's going to be hard to impress shareholders going forward, and that will probably pressure many manufacturer share prices.

Spirit AeroSystems (SPR) (UTX) HON) (GE) to Benefit from Boeing (BA) Decision

Although Boeing (NYSE:BA) has yet to make a final decision on whether or not to boost its production rate on its 737 single-aisle transport aircraft, they recently said they are taking a serious look at the possibility, with suppliers like Spirit AeroSystems (NYSE:SPR), United Technologies (NYSE:UTX), General Electric (NYSE:GE) and Honeywell (NYSE:HON) sure to benefit from it.

The reason for the close look by Boeing is the strong demand for the 737, with the current backlog of the company expanding out to seven years.

Add to that the probability a deal will be made with Ryanair (NASDAQ:RYAAY) which would would add another 200 planes to the backlog, and you understand why President Jim Albaugh says the time-frame is simply "too big."

Boeing closed Monday at $69.10, up $2.10, or 3.04 percent.

Investors Beware: (T), (VZ), (HON) Change Pension Accounting Practices

Verizon (NYSE:VZ), AT&T (NYSE:T) and Honeywell (NYSE:HON) have recently made the decision to change their accounting practices for pension, in an attempt to "sneak a big one past investors," according to Motley Fool.

They said:

"If you aren't interested in the accounting magic these companies are up to, at least realize that they're probably hoping you won't notice that they've pulled the wool over your eyes. Is that the kind of management you want to invest your hard-earned money in?"

Smooth accounting

"A pension is a promise to provide retirement income to employees. By law, companies are required to save as they go, setting aside a certain amount of money for each employee every year. Companies invest those savings -- much like you invest your 401(k) -- hoping good investment returns will reduce the amount of savings required.

"Like most 401(k)s, corporate pension savings took a beating in 2008. For companies, increases and decreases in pension values impact earnings. If the pension plan makes money, it boosts earnings. If the pension loses money, it reduces earnings. Companies have a choice between recording pension gains and losses on an annual basis or, in a process known as "smoothing," spreading gains and losses over several years.

"Many companies choose smoothing, if for no other reason than to reduce the year-to-year swings in earnings. In particular, when markets fall, smoothing helps reduce the immediate earnings hit. But recently, AT&T, Verizon and Honeywell decided to quit smoothing and start recording pension gains and losses on an as-you-go basis -- purportedly to make earnings more transparent."




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Microsoft (MSFT), Software, and Building Energy Management

Rob Bernard, Microsoft's (NASDAQ:MSFT) chief environmental strategist, said the company is working with partners at this time in an attempt to work out a strategy for software and services for better managing energy consumption in commercial buildings.

"Upwards of 20% of energy can be reduced by not replacing windows but by deploying technology," he said at a gathering at the Commonwealth Club in San Francisco.

Additionally, Microsoft is looking at ways to tie building management systems into predictive analysis tools to better balance energy production and consumption. With predictive analysis tools, air conditioners in buildings could be turned down, for example, to compensate for a sudden decline in power production at a wind farm.

'What are the right ways to structure this ecosystem? Today it is all disconnected sources of information," he said.

If this strategy sounds familiar, it should. EnerNoc (ENOC), Silver Spring Networks, Serious Materials, Scientific Conservation, Johnson Controls (JCI), Schneider Electric (SBGSF.PK), IBM (IBM) and Honeywell (HON) have all sketched out strategies for improving the energy efficiency of buildings and then tying building energy consumption into demand response/demand management networks for more fluid, efficient power consumption.




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Honeywell's (NYSE:HON) Longer Cycle Businesses Major 2011 Catalysts

Honeywell International (NYSE:HON) will mostly be propelled in 2011 by their longer cycle businesses, said Barclays, adding they'll offset the expected decline in shorter-cycle businesses.

Barclays said, "Improving order rates in the company's longer cycle businesses should propel results in 2011: We think sales growth could slow in the company's shorter-cycle businesses such as turbochargers and general industrial, but that this slowing will be more than offset by accelerated growth in the longer cycle businesses such as commercial aerospace, ACS Solutions and UOP.

"Honeywell is in the first year of recovery, and during the initial phase of the last cycle the stock traded at an average P/E of -18.5x NTM. As the recovery continues to materialize, we think the multiple could expand closer to the average of the prior cycle...Raising price target to $65 which is based on -17x our 2011 estimate of $3.80."

Barclays reiterates an "Overweight" rating on Honeywell International (HON), which closed Tuesday at $54.76, losing $0.26, or 0.47 percent. Barclays raised their price target on Honeywell from $60 to $65.

Honeywell's (NYSE:HON) Cash Flow, Strong Balance Sheet, Offer Flexibility

Honeywell International (NYSE:HON) gave its EPS estimate guidance, and it came in at a range of $3.50 to $3.70; in line with expectations says FBR Capital.

"Honeywell’s 2011 EPS guidance of $3.50–$3.70 came mostly in line with our expectations and was broadly consistent with the preliminary framework provided with 3Q earnings a few weeks ago...With regard to the shares, we like Honeywell’s improving late-cycle mix in commercial aero and the company’s solid balance sheet and cash flow provide it with flexibility for acquisitions. However, we see greater upside potential to our price targets in Outperform-rated Atuant (NYSE:ATU), WESCO (NYSE:WCC), Cooper (NYSE:CBE), SPX (NYSE:SPW), Illinois Tool (NYSE:ITW), 3M (NYSE:MMM), and Tyco (NYSE:TYC) and remain on the sidelines for now," said FBR.

FBR Capital maintains a "Market Perform" rating on Honeywell, which was trading at $52.77, up $1.23, or 2.39 percent, as of 11:44 AM EST. They have a price target of $57 on them.

Honeywell (NYSE:HON) Driven by Commercial OE, Aftermarket

Although Honeywell (NYSE:HON) is struggling to generate revenue in the Defense & Space, they look to product organic growth in Commercial OE and aftermarket, says FBR Capital.

FBR said, "Our key takeaway from the well-attended Honeywell Aerospace analyst meeting was that despite a flat to modestly declining revenue outlook for Defense & Space (D&S, 50% of segment revenues), improving trends in Commercial OE and aftermarket should drive low- to mid-single-digit organic growth for the segment in 2011. Key drivers of this positive outlook include new products (synthetic vision, next-gen flight management systems, etc.) and upgrades that are helping drive aftermarket business with business jets and airlines, a focus on winning content on the “right/successful” customer aircraft/platforms, and increasing international sales where Honeywell, for example, is well ahead of competition with significant wins on the China C919."

FBR maintains their "Market Perform" rating on Honeywell, which closed Monday at $49.65, dropping $0.13, or 0.26 percent. FBR has a price target of $57 on them.