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GTX

Garrett Motion

$11.54

-0.08 (-0.69%)

, HON

Honeywell

$178.59

-0.84 (-0.47%)

08:21
12/02/19
12/02
08:21
12/02/19
08:21

Garrett Motion files lawsuit against Honeywell for asbestos indemnity

Garrett Motion (GTX) filed a lawsuit in the Supreme Court of the State of New York against Honeywell (HON), related entities and certain affiliated officers and directors. The lawsuit follows Garrett's efforts to reach a negotiated solution with Honeywell's executive team to avoid litigation. The lawsuit arises from Honeywell's "unilateral imposition of an unusual 30-year Indemnification Agreement" on Garrett immediately prior to the spinoff of Garrett in October 2018. This agreement, which was not negotiated at arm's-length, requires Garrett to compensate Honeywell for payments relating to asbestos exposure arising from Honeywell's legacy Bendix automotive brake business, including payments relating to punitive damages and defense costs. Garrett asserts that requiring it to make these payments to Honeywell is unacceptable as the historical asbestos liability is Honeywell's and not Garrett's. Furthermore, Honeywell has enabled itself to potentially exercise control of Garrett corporate decisions by inserting a set of loan-like covenants into the 30-year agreement term. For more than a year since its spinoff, Garrett has attempted to resolve these important governance and financial issues with Honeywell. After repeated, but unsuccessful discussions with Honeywell, Garrett believes it has no alternative but to turn to the court for relief. Garrett's decision was the result of an analysis undertaken by its management, informed by the input of outside advisors, and made with the approval of its board, who believe this unacceptable agreement limits Garrett's ability to reach its full potential. During its negotiations with Honeywell, despite asserting that Honeywell's agreement is unacceptable, Garrett continued to comply with the terms of the agreement, including making timely quarterly indemnity payments under protest. Garrett's exposure remains capped at $175M annually throughout the agreement. Garrett's lawsuit seeks compensatory damages, rescission of the indemnification agreement, as well as other relief from the court

GTX

Garrett Motion

$11.54

-0.08 (-0.69%)

HON

Honeywell

$178.59

-0.84 (-0.47%)

GTX Garrett Motion
$11.54

-0.08 (-0.69%)

01/23/19
01/23/19
UPGRADE
Target $15

Sector Perform
Garrett Motion upgraded to Sector Perform from Underperform at RBC Capital
As previously reported, RBC Capital analyst Joseph Spak upgraded Garrett Motion to Sector Perform and raised his price target to $15 from $11. The analyst notes that his rating change is valuation-driven since his outlook for 2019 organic growth of 1% is still below the 4%-6% medium-term view held by the company. While he sees 2019 as a below-trend year, Spak states that Garrett Motion's free cash flow potential is "intriguing" as he seeks more visibility on the company's "go-forward strategy".
09/05/19
LEHM
09/05/19
NO CHANGE
LEHM
LBOs could provide floor in auto parts valuations, says Barclays
The Magnetti Marelli and Tower deals this year seem to belie common wisdom that it's too late in the cycle for "take private" transactions in the auto parts space, Barclays analyst Brian Johnson tells investors in a research note. Late cycle auto parts deal history is "less bad then investors think," says the analyst. He believes leverage buyouts "could provide a floor to valuations" in the sector. Of the four companies he screened, American Axle (AXL), Delphi Technologies (DLPH), Garrett Motion (GTX) and Adient (ADNT), the analyst says American Axle is the most promising leverage buyout candidate. American Axle may be the best all-around candidate for a take-private transaction, largely due to its strong cash flow generation, says Johnson.
09/10/19
MSCO
09/10/19
INITIATION
Target $8
MSCO
Underweight
Garrett Motion initiated with an Underweight at Morgan Stanley
Morgan Stanley analyst Armintas Sinkevicius initiated Garrett Motion with an Underweight rating and $8 price target, stating that he sees pressure on production, price, and margins given the industry transition toward battery electric vehicles and away from the internal combustion engine. Given its higher leverage, Sinkevicius sees it as unlikely that Garrett Motion would be involved in powertrain consolidation, either as an acquiror or a target, he noted.
09/13/19
BOFA
09/13/19
UPGRADE
BOFA
Neutral
Garrett Motion upgraded to Neutral from Underperform at BofA/Merrill
HON Honeywell
$178.59

-0.84 (-0.47%)

07/16/19
GSCO
07/16/19
NO CHANGE
GSCO
Goldman does not see favorable setup for Americas Multi-Industry into Q2
Goldman Sachs analyst Joe Ritchie does not see the setup as favorable for the Americas Multi-Industry sector into the Q2 reporting season with the exception of Buy-rated Honeywell (HON). The analyst says fiscal 2020 consensus expectations are too high for a third of the companies he covers while the setup is tough for the second half of 2019 as comps are only easier for five out of 27 stocks "at a time when growth is decelerating." As a result, Ritchie downgraded three cyclical stocks to Sell, namely Cognex (CGNX) and Parker-Hannifin (PH) from Neutral and Kennametal (KMT) double downgraded from Buy. He also upgraded Timken to Buy from Neutral as he believes expectations are more appropriately calibrated and its relative valuation is "compelling."
07/19/19
JEFF
07/19/19
NO CHANGE
Target $195
JEFF
Buy
Honeywell price target raised to $195 from $190 at Jefferies
Jefferies analyst Sheila Kahyaoglu raised her price target for Honeywell to $195 from $190 saying the company delivered 5% organic growth in Q2 with segment profit expanding 9% organically. The analyst raised her out-year estimates on better profitability within Aerospace and keeps a Buy rating on the shares.
07/22/19
ARGS
07/22/19
NO CHANGE
Target $195
ARGS
Buy
Momentum of Honeywell's stock price and earnings to continue, says Argus
Argus analyst John Eade keeps his Buy rating and $195 price target on Honeywell, saying that while the stock has already outperformed the S&P 500 with a 23% run over the past year, he expects that momentum to continue as the company generates low double-digit earnings growth over the next 5 years. The analyst believes that Honeywell stands to benefit from its diverse product lines, its strong presence in the commercial aerospace and commercial construction markets, as well as its "mid-market" product presence in China that is growing in spite of the country's infrastructure slowdown.
09/23/19
GSCO
09/23/19
DOWNGRADE
Target $144
GSCO
Sell
Illinois Tool Works downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Joe Ritchie downgraded Illinois Tool Works (ITW) to Sell from Neutral and lowered his price target for the shares to $144 from $147. Given the company's "deteriorating fundamentals," there is downside risk to consensus estimates and its valuation premium relative to Large Cap Defensive peers "appears too high," Ritchie tells investors in a research note. The analyst believes growth in all of Illinois Tool Works' segments could turn negative in Q4 while the return to greater than 2% growth in 2020 "could prove optimistic." Further, after years of transforming the cost structure and driving meaningful margin expansion, the company "has less levers to pull to expand margins," says Ritchie. The analyst continues to view Honeywell (HON) as the best Large Cap Defensive to own.

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ACB

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AOBC

American Outdoor Brands

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PLAN

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WPX

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HLIT

Harmonic

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HZNP

Horizon Pharma

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AMRN

Amarin

$24.12

1.12 (4.87%)

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  • 28

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THMO

ThermoGenesis

$2.88

(0.00%)

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AMRN

Amarin

$24.12

1.12 (4.87%)

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  • 28

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QTNT

Quotient

$8.60

-0.165 (-1.88%)

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ARWR

Arrowhead

$66.47

-0.91 (-1.35%)

, GVA

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$26.21

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OAS

Oasis Petroleum

$2.68

-0.295 (-9.93%)

, SWN

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$2.00

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SWN

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$2.00

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UNT

Unit Corp.

$0.83

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$0.68

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  • 23

    Mar

AMRN

Amarin

$24.12

1.12 (4.87%)

17:24
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  • 28

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LOPE

Grand Canyon

$89.24

-0.86 (-0.95%)

, LEA

Lear

$129.43

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Grand Canyon, Lear to replace Oasis, Southwestern in S&P 400 at open on 12/23 »

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$129.43

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OAS

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$2.68

-0.295 (-9.93%)

SWN

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$2.00

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RTN

Raytheon

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-0.93 (-0.43%)

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