Having more or less tracked the S&P 500 lower over the past three months, the valuation on Honeywell (HON) is looking a little better these days. Not only did the company's recent investor day give more insight into long-term growth initiatives, particularly those concerning software, but also many of its major end-markets are still in attractive stages of their cycle. I wouldn't say that Honeywell's valuation is at a can't-miss level here (particularly for investors focused on the short term), but it looks pretty good to me on a long-term basis.
A Good Quarter On Balance
Honeywell's first quarter wasn't without some flaws, but all told I believe the company is off to a good start for FY 2018. Revenue rose 5% on an organic basis, beating expectations by more than 3%.
