We're lowering our Honeywell price target after earnings. The risk-reward is still favorable

Honeywell shares are under pressure Thursday, despite the industrial conglomerate exceeding expectations for first-quarter sales and earnings. The culprits: Softer guidance for the current quarter and some uncertainty about a recovery in some of its key businesses. Revenue for the three months ended March 31 totaled $9.1 billion, topping Wall Street expectations of $9.03 billion, according to estimates compiled by data provider LSEG.

Honeywell International Inc. signage is displayed on a monitor on the floor of the New York Stock Exchange in New York.shares are under pressure Thursday, despite the industrial conglomerate exceeding expectations for first-quarter sales and earnings. The culprits: Softer guidance for the current quarter and some uncertainty about a recovery in some of its key businesses.

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