Jim Cramer Is Enthusiastic About Honeywell's (HON) Quantum Spinoff

We recently published 11 Stocks on Jim Cramer’s Radar.  Honeywell International Inc. (NASDAQ:HON) is one of the stocks on Jim Cramer's radar.

Industrial conglomerate Honeywell International Inc. (NASDAQ:HON)’s shares are up by 7.9% year-to-date and by 16% year-to-date. The firm crossed the attention of banking giant JPMorgan lately in the form of analyst coverage. JPMorgan raised Honeywell International Inc. (NASDAQ:HON)’s share price target to $255 from $218 and bumped the rating to Overweight from Neutral. The bank commented that the industrial giant is trading at a valuation gap since the cumulative value of its different businesses appeared to be higher than the current trading price. As for Cramer, the CNBC TV host has recently focused on one of Honeywell International Inc. (NASDAQ:HON)’s businesses. This is the firm’s quantum computing division called Quantinuum. Cramer believes that the current hype surrounding quantum computing can also lead to positive outcomes for Quantinuum’s spinoff:

“If you take a look at a company like Honeywell which has just had a dramatic run here. Yeah that is without a doubt, a sign, that’s not a data center play. That’s aerospace pureplay coming. And this Quantinuum, this spinoff, that they own 53% of, this is going to be the best quantum play. So people going nuts for a quantum. So congratulations to Vimal Kapur to see the light that he had to spinoff that business. And it’s going to be the one that everybody wants, because quantum is so exciting to people.”

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Disclosure: None. This article is originally published at Insider Monkey.