CARR - Carrier Global Downgraded: BofA Analyst Cautions About HVAC Concerns In Europe | Benzinga
BofA Securities analyst Andrew Obin downgraded Carrier Global Corporation (NYSE: CARR) to Underperform from Neutral, lowering the price target to $55 from $62, as heating, ventilation, air conditioning, or HVAC concerns increase for Europe.
The analyst is remarkably downbeat about the increasingly negative data points on Europe's heat pump demand trends.
Countries are pushing or diluting green incentives and regulations, leading to a slowdown in the market. The analyst adds that this is particularly impactful for Carrier as Viessmann's revenue is approximately 40% heat pumps.
EuroConstruct expects overall construction in Europe to decline, which could likely impact Viessmann's boiler business, the analyst notes.
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