In a research note titled "Maybe Not the '27 Yankees, But Honeywell is a Pretty Good Team," Jefferies analyst Howard Rubel argues that Honeywell is already on a path that could deliver 20% returns "in a reasonable period of time without the distraction of a spin." Third Point's argument that Honeywell is worth 20% more with an Aerospace spin-off could be right, but it is not clear that this is the only way to make money for shareholders, the analyst contends. Rubel believes the company is already on a path to generate 7%-10% per year of earnings growth with the dividend adding another two points to returns. The analyst keeps a Buy rating on Honeywell with a $141 price target. The stock is up 6% to $30.65 in premarket trading following news of Third Point's activist stake.