Wolfe Research upgraded Honeywell to Outperform from Peer Perform, citing the imminent spin-off of its aerospace division as a key catalyst. The brokerage now values the company's sum-of-the-parts at $293 per share, a $29 increase reflecting stronger execution under new management and a re-rating of aerospace peers. This $293 target implies roughly 22% upside from current levels, driven by the July spin expected to unlock significant break-up value. The July spin-off positions investors to focus more on Honeywell's fragmented value as the separation nears.