Here's the Best Blue Chip Stock to Buy for Passive Income
The classical rationale for investing in an industrial conglomerate was that the diversity across its end markets provided growth across various market conditions. That argument still applies, particularly for a high-quality business like Honeywell (NASDAQ: HON).
While its businesses aren't all in growth mode right now (they rarely will be for a conglomerate), they're all strong businesses with plenty of long-term growth potential. As such, the potential for substantial dividend growth (current yield of 2%) and capital appreciation at Honeywell looks good.
A quick look at the company's segmental growth guidance for 2023 reveals a lot about its potential to grow through various economic outcomes.
Source Fool.com
