Honeywell International’s shares slumped about 4% on Friday after the technology and manufacturing company reported about 13% fall in quarterly profit as the COVID-19-related travel restrictions and a collapse in air travel continues to hammer demand.

The company which makes parts for planes made by Boeing and Airbus SE said its net income declined to $1.36 billion, or $1.91 per share, in the last quarter of 2020, from $1.56 billion, or $2.16 per share, a year earlier. Adjusted EPS came in at $2.07, beating the Wall Street consensus estimate of $2.0 per share.

Honeywell forecasts 2021 earnings per share of $7.60-$8.00, up 13-19%, and sales between $33.4 billion and $34.4 billion.

“The path to recovery was in focus, with the 2021 outlook. We lower our 2021 sales estimate to $65.2BB (vs $63.4-65.4BB guide) from $67.9BB previously to reflect a slower recovery in commercial aero, with Collins’ commercial businesses likely down slightly y-o-y. Our 2021 EPS est. moves to $3.60 from $3.35 to reflect 80% incrementals at Collins commercial through Q2-Q4, with RTX segment margins exiting the year at 9.6%,” said Sheila Kahyaoglu, equity analyst at Jefferies.

“Given ongoing recovery, we forecast EPS rises to $6.20 (up from $5.50 prior) through 2023 reflecting commercial AM sales 2% above 2019 peak, while OE could be 18% below peak. We est. a 3% CAGR for the defence businesses (RMD + RIS) over the period.”

Honeywell International shares closed 3.68% lower at $195.37 on Friday. However, the stock rose 20% in 2020.

Honeywell International Stock Price Forecast

Seventeen analysts who offered stock ratings for Honeywell International in the last three months forecast the average price in 12 months at $210.19 with a high forecast of $245.00 and a low forecast of $175.00.

The average price target represents a 7.59% increase from the last price of $195.37. From those 17 analysts, nine rated “Buy”, eight rated “Hold”, and none rate “Sell”, according to Tipranks.

Morgan Stanley gave a base target price of $220 with a high of $264 under a bull scenario and $158 under the worst-case scenario. The firm currently has an “Equal-weight” rating on the manufacturing company’s stock.

Several other analysts have also recently commented on the stock. Honeywell International had its price target boosted by UBS Group to $216 from $180. UBS Group currently has a neutral rating on the conglomerate’s stock. Jefferies Financial Group lowered from a buy rating to a hold rating and lifted their target price to $210 from $190.

In addition, JP Morgan lifted their target price to $200 from $198 and gave the company an overweight rating. Barclays lifted their target price to $225 from $180 and gave the company an overweight rating. HSBC lowered to a hold rating from a buy and set a $200.00 target price.