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GTX

Garrett Motion

$10.19

-0.14 (-1.36%)

, HON

Honeywell

$180.72

0.2 (0.11%)

08:45
01/16/20
01/16
08:45
01/16/20
08:45

Garrett Motion files complaint against Honeywell in asbestos indemnity suit

Garrett Motion (GTX) filed the complaint in its lawsuit, initiated on Dec. 2, 2019, against Honeywell (HON), related entities and certain affiliated individuals in the Supreme Court of the State of New York. The complaint details how Honeywell and its executives, and not Garrett's current management, devised Garrett's spinoff to offload Honeywell's more than $1 billion legacy Bendix asbestos liability, while saddling Garrett with unconscionable and illegal covenants that unnecessarily limit its ability to control its long term future. For more than a year since its spinoff, Garrett has attempted to resolve these critical governance and financial issues amicably with Honeywell. After repeated, but unsuccessful discussions with Honeywell, Garrett believes it has no alternative but to turn to the Court for relief. Garrett intends to vigorously pursue its claims. During its negotiations, Honeywell has continued to force Garrett to pay Honeywell's asbestos labilities, including amounts paid to settle punitive damages exposure and Honeywell's wrongful conduct, both of which are not permitted under New York law, under the threat of improperly triggering a cascade of defaults under Garrett's financial indebtedness. Despite asserting that Honeywell's agreement is unlawful and unenforceable, Garrett has continued to comply with its terms, including making timely quarterly indemnity payments under protest. Garrett's exposure remains capped at $175M annually throughout the agreement. Garrett's lawsuit, initiated through a Summons with Notice filed on Dec. 2, 2019, seeks compensatory damages, rescission of the Indemnification Agreement, as well as other relief from the Court.

GTX

Garrett Motion

$10.19

-0.14 (-1.36%)

HON

Honeywell

$180.72

0.2 (0.11%)

GTX Garrett Motion
$10.19

-0.14 (-1.36%)

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
$180.72

0.2 (0.11%)

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.
12/04/19
DBAB
12/04/19
DOWNGRADE
Target $99
DBAB
Hold
Deutsche Bank downgrades Eaton to Hold on 2020 earnings risk
Deutsche Bank analyst Nicole DeBlase downgraded Eaton (ETN) to Hold from Buy with a price target of $99, up from $94. The analyst sees "limited scope" for further multiple re-rating and downside risk to earnings forecasts for most Industrial names under her coverage. As such, she prefers to take a "selective stance." Her downgrade of Eaton reflects the stock's recent outperformance and risk to 2020 estimates. On the flip side, she's a buyer of Emerson (EMR), Honeywell (HON), Parker-Hannifin (PH) and Stanley Black & Decker (SWK).
12/12/19
UBSW
12/12/19
INITIATION
Target $192
UBSW
Neutral
Honeywell initiated with a Neutral at UBS
UBS analyst Markus Mitt initiated coverage of Honeywell with a Neutral rating and $192 price target. The analyst questions whether the "quantum leap" that the company made with its valuation in 2019 can be sustained in 2020 amid a "disconnect in stock price and fundamentals".
01/15/20
JPMS
01/15/20
NO CHANGE
Target $190
JPMS
Overweight
Honeywell price target raised to $190 from $184 at JPMorgan
In a research note titled "'The OMC' (Original Mega-cap Compounder)," JPMorgan analyst Stephen Tusa raised his price target for Honeywell to $190 from $184 and keeps an Overweight rating on the shares. Honeywell has seen a :deserved decade long re-rating," from material discount to a modest premium on a headline basis, though remains at a discount on enterprise value to free cash flow, Tusa tells investors in a research note. He believes the company's "organic story should be enough to outperform on earnings growth." Further, "best in class balance sheet optionality provides insurance on this front," Tusa writes.

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XOM

Exxon Mobil

$67.01

-0.58 (-0.86%)

14:17
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CHEOY

Cochlear

$0.00

(0.00%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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NYSE market internals summary »

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SPG

Simon Property

$146.15

-2.96 (-1.99%)

14:15
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FCEL

FuelCell

$2.15

-0.725 (-25.26%)

, PKX

Posco

$51.39

-0.15 (-0.29%)

14:14
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On The Fly
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NantKwest

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Neurotrope

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Facebook

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MPLX

MPLX

$25.13

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MPLX call volume above normal and directionally bullish »

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  • 29

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BA

Boeing

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  • 29

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CNCE

Concert Pharmaceuticals

$10.86

1.04 (10.59%)

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BA

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TEVA

Teva

$10.53

0.505 (5.04%)

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CNCE

Concert Pharmaceuticals

$10.37

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EAF

GrafTech

$13.00

0.61 (4.92%)

13:45
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Options
GrafTech call volume above normal and directionally bullish »

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MSFT

Microsoft

$166.62

0.14 (0.08%)

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  • 29

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  • 25

    Feb

13:35
01/22/20
01/22
13:35
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13:35
General news
Treasury Action: there's been no real inspiration in the markets today »

Treasury Action:…

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