On July 6, Honeywell Aerospace rose 3.86% in regular trading, trading at $252.45 per share, with turnover of approximately $217 million. The stock continues to benefit from sustained passive fund buying following its simultaneous addition to multiple major indices.
On the news front, the company was officially added to the MSCI Global Standard Index, the MSCI Large Cap Index, and the S&P 500 and S&P 100 indices effective after the close on June 30. The multi-index inclusion has triggered ongoing passive fund rebalancing demand that continues to support the share price. Additionally, RBC Capital Markets initiated coverage with an outperform rating and a $300 price target, implying approximately 19% upside from current levels. RBC highlighted the company's sole-source position on 737 and A320 auxiliary power units, business aviation pricing power, and modeled full-year revenue growth of 8.2%.
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