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Here’s why Wall Street analysts are bullish on Honeywell ahead of Friday's earnings

Key Points
  • Honeywell is slated to release its first-quarter results before the bell on Friday.
  • Several Wall Street firms have hiked their price target for the stock in recent weeks.
  • The company's exposure to cyclical sectors and growth areas makes it an attractive buy, according to some analysts and investors.
Honeywell International Inc. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York.
Michael Nagle | Bloomberg | Getty Images

An industrial stock that has picked up steam in recent weeks is set to report earnings on Friday with a chance to back up recent bullish calls from Wall Street analysts.

Honeywell has become a new favorite of several major investment firms ahead of its first-quarter report. The stock has seen a flurry of price target hikes in recent weeks and an upgrade from Deutsche Bank. Honeywell now has buy ratings from 60% of the analysts covering the stock, according to FactSet.

After struggling in the first few weeks of the year, shares have jumped nearly 18% since the end of January. That has pushed the stock price just above the FactSet average price target of roughly $229 per share, but some of the more recent notes show much higher upside.

Here's a look at why analysts and investors are intrigued by the industrial company.

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