JPMorgan cuts industrial bellwether after recommending it for 15 years

After 15 years of bullishness on Honeywell , JPMorgan is finally moving to the sidelines. In a Thursday note, the Wall Street bank downgraded shares of the Charlotte-based industrial manufacturer to a neutral rating from overweight. At the same time, analysts led by Stephen Tusa lifted the price target to $235 from $225. Shares of Honeywell are up just 1% on the year but stand to gain almost 10% over the next year, based on Tusa’s updated price target. The maker of aerospace and building automation products is currently trading at a 20% discount to its sector, far below its historical discount of 4%, JPMorgan said. HON YTD mountain HON YTD chart While Tusa said Honeywell shares are cheap, the company’s planned divestitures are a short-term headwind.