** BMO initiates coverage on Honeywell Aerospace HONA.O with a price target of $276 and "outperform" rating

** PT represents a ~21% upside to stock's last close

** Brokerage views supply-chain improvements and management execution as key catalysts

** Adds if these materialize, HONA's 6%–8% organic growth and 9% adj. EBIT growth targets may be conservative, supporting further share price re-rating

** BMO sees the targets as attainable and is optimistic about multiple growth drivers beneath the surface, though it may take several strong quarters to bring investors on board

** Honeywell Aerospace spun out of Honeywell International HON.O on Monday