There is a price for everything, even beaten-down stocks that are concerning investors.

On Wednesday, Morgan Stanley analyst Kristine Liwag upgraded shares of Honeywell Aerospace to Buy from Hold, leaving her price target unchanged at $205, according to FactSet and ratings aggregators. Morgan Stanley didn't immediately respond to a request for the full report.

An upgrade without a price target move tells investors how things have been going. Honeywell Aerospace spun out of Honeywell Technologies in June. Shares were priced at about $220. They entered Wednesday trading at just under $161. A weak second-quarter earnings report, which included a surprise cut to full-year financial guidance, sent shares tumbling on Aug. 5.

Now, shares are cheap. Liwag points out it is the least-expensive large-capitalization aerospace stock she covers. Honeywell Aerospace stock trades for about 19 times earnings expected over the coming 12 months. GE Aerospace stock trades for 43 times. GE Aerospace, however, is growing much faster and expanding profit margins. Faster growth and improved profitability are the goals for Honeywell Aerospace, too, but it hasn't happened yet.

Supply-chain problems have weighed on Honeywell Aerospace's sales growth.

Still, the valuation discount is enough for her. Honeywell Aerospace stock was up 4.8% in early trading at $168.40, while the S&P 500 was up 0.2%.

Currently, 16 analysts cover Honeywell Aerospace, with seven, or 44%, rating shares Buy, according to FactSet. The average Buy-rating ratio for S&P 500 stocks typically ranges from 55% to 60%. The average analyst price target for Honeywell Aerospace stock is about $215.

Investors should expect to see more ratings soon. Twenty-four analysts cover GE Aerospace stock, and 26 cover RTX. Some of the aerospace analysts covering those firms will likely pick up Honeywell Aerospace coverage now that it is a pure-play aerospace and defense company.