UBS initiates Solstice Advanced Materials with 'buy' rating

UBS initiates Solstice Advanced Materials SOLS.O with "buy" rating

Sets PT at $62, which represents a 37.6% upside on stock's last close

Shares of Solstice Advanced Materials fall nearly 1.5% to about $44.3

SOLS began trading as an independent company on Oct. 30, following its spin-off from Honeywell HON.N

"Refrigerants, electronic materials, and US nuclear fuel (UF6) production make up ~60% of Solstice's sales and we estimate each of these areas could grow at a 5% to 6% compound annual growth rate," UBS says

Jefferies cuts Honeywell's PT to $220 from $230 after the SOLS spin off, representing a 9.3% premium on HON's last close