The shares of Honeywell International Inc (NASDAQ:HON) are lower this morning after a rare double downgrade to "sell" from "buy" at BofA Global Research. The firm also lowered its price target to $205 from $265, citing limited 2026 earnings growth and the recent spinoff of Solstice Advanced Materials.
At last check, Honeywell stock was down 1.9% to trade at $192.31, though familiar support at the $190 level still lingers below. The equity is currently off about 8% this year and down nearly 9% over the past 12 months. However, It's worth noting that HON's 14-day relative strength index (RSI) of 21.5 sits firmly in "oversold" territory, which could be indicative of a short-term bounce.
Options bears are targeting the security in response, with 4,733 puts exchanged so far today -- double the put volume typically seen at this point. The February 190 call is still the most popular contract today, however.
Options are looking affordable at the moment, too. This is per the stock's Schaeffer's Volatility Index (SVI) of 22%, which sits in the 16th percentile of annual readings.
