Jim Cramer’s Top 10 Hottest Stock Picks

5. Honeywell International Inc. (NYSE:HON)

Number of Hedge Fund Holders: 50

Honeywell International Inc. (NYSE:HON), another stock in Jim Cramer’s portfolio, received a “hold” rating with a $210 price target. Cramer mentioned that he doesn’t see much advantage with Honeywell International Inc. (NYSE:HON) at the moment, noting that it has already fallen from its previous highs.

“Fellow Club name Honeywell was also started with a hold and a $210 price target. I don’t see much edge here and it has dropped from its high.”

Honeywell International Inc. (NYSE:HON) is a strong investment pick for 2024 due to its solid financial performance, strategic acquisitions, and growth in key sectors. In Q2 2024, Honeywell International Inc. (NYSE:HON) reported an 8% year-over-year increase in adjusted EPS to $2.49, driven by strong organic sales growth in aerospace, defense, and building solutions, all of which saw double-digit gains. Honeywell International Inc. (NYSE:HON)’s large $32 billion order backlog supports a positive near-term outlook.

Honeywell International Inc. (NYSE:HON) is actively investing, having allocated around $15 billion to acquisitions and share repurchases, including a significant $5 billion purchase of Access Solutions. This acquisition strengthens Honeywell International Inc. (NYSE:HON)’s position in building automation and energy solutions. Aerospace continues to drive growth, benefiting from higher commercial and defense spending, while Honeywell’s focus on energy and sustainability positions it well for future expansion.

Honeywell International Inc. (NYSE:HON)’s alignment with major trends like energy efficiency and digital transformation, along with its ongoing innovation and strategic capital investments, further boosts its growth prospects. Despite some challenges in short-cycle businesses, Honeywell International Inc. (NYSE:HON)’s strong earnings, key sector growth, and strategic focus offer a solid foundation for a bullish outlook in 2024 and beyond.