On Wednesday, RBC Capital Markets updated its stance on Honeywell International Inc. (NASDAQ:), increasing the stock’s price target to $253 from the previous $213, while retaining a Sector Perform rating.

The adjustment follows the revelation that activist investor Elliott Management disclosed a significant investment in Honeywell on November 12, 2024. Elliott Management has acquired more than $5 billion worth of Honeywell shares, amounting to a 3.5% stake in the company.

Elliott Management has also advocated for Honeywell to undergo a strategic restructuring. They suggest dividing the company into two separate entities: an Aerospace RemainCo and an automation-focused SpinCo. According to RBC Capital, this recommendation aligns with…