As previously reported, Oppenheimer analyst Christopher Glynn downgraded Honeywell to Perform from Outperform. The analyst notes that share price reduction includes impact of spins, modest multiple contraction, and higher than expected earnings dilution from spins. The market pullback notwithstanding, Glynn believes the thesis on Honeywell has played out. Additionally, in the context of fears of macro slowing, he would expect that the solid organic compounding at PMT and SPS over the past two years could emerge as comparison headwinds, notwithstanding some element of secular portfolio execution.

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