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Honeywell is Yahoo Finance Plus’ investment idea of the day

Yahoo Finance’s Jared Blikre reports details on Yahoo Finance’s investment idea of the day.

Video Transcript

KARINA MITCHELL: All right, and Jared, you say Yahoo Finance's Investment Idea of the Day is a bullish call on Honeywell, with Argus Research saying to buy the dip.

JARED BLIKRE: Yes, let's take a look at the YFi Interactive one more time here, and we're going to get those notes from Argus Research. Let me bring it over, and we can get a chart of Honeywell. Now the stock has largely gone sideways for the year. And we'll take a look at that price action right here. You can see that's still up about 3%, but really, just chopping around most of 2021.

Now, here's what Argus Research is saying. First of all, they have a price target of $260. That's about $40 above the current price. And they're saying that recent weakness offers a buying opportunity. Honeywell shares have underperformed the S&P 500 over the past quarter, falling 5%, whereas the S&P has gained 3%. The company recently reported third quarter EPS. It topped expectations. Management once again raised its 2021 guidance.

We like this well-managed company's history of paying and raising the dividend. In terms of valuation, blending our approaches, we arrive at a target price of $260. And before we go, just want to show a one-year chart. It shows a little bit better situation here, holding on to 29% gains. Guys.

KARINA MITCHELL: All right, Yahoo Finance's Jared Blikre, thank you so much for keeping us on it--