Mizuho Is Bullish On Roper Technologies, Honeywell; Neutral On 3M

Mizuho analyst Brett Linzey initiates coverage of three Industrial conglomerates.
The analyst initiated Roper Technologies Inc ROP with a Buy rating and a price target of $550, implying an upside of 13%.
Linzey noted Roper has been on a multi-year transformation into predominantly software and medical businesses and away from its legacy industrial assets.
The analyst added the company "doesn't appear to be slowing down on portfolio pruning." Despite the portfolio moves, the stock currently trades at a discount to its 10-year average.
The analyst initiated 3M Co MMM with a Neutral rating and a price target of $180 (an upside of 1%).
Linzey noted operating environment remains challenging, with 3M lowering expectations at an investor conference last week. The analyst sees "too much uncertainty" for the shares.
The analyst initiated Honeywell International Inc HON with a Buy rating and a price target of $245, implying an upside of 16.9%.
Linzey mentions, the company's "late-cycle drivers" in aerospace, non-residential and industrial end markets are picking up.
However, he believes "patience is warranted" for Honeywell shares as supply issues continue to impact the business.
Price Action: ROP shares closed higher by 1.60% at $486.95, MMM higher by 1.44% at $178.31, and HON lower by 0.07% at $209.61 on Thursday.