TT - Carrier Global's Weaker Fundamental Metrics In Focus: JP Morgan Analyst Sees Less Room To Run | Benzinga
JP Morgan analyst C. Stephen Tusa downgraded Carrier Global Corporation (NYSE: CARR) to Underweight from Neutral, raising the price target to $53 from $46.
The analyst writes there are "plenty of headwinds" that are recently deteriorating consumers in the broader market. Still, the industrials have some unique drivers from real mega projects that will hit positively over the next three years.
Particularly for the HVAC (heating, ventilation, and air conditioning) and the electrical equipment industries, the analyst sees addition of new capacity for the first time in many years.
Riding the growth, CARR stock has significantly outperformed its group, rising 17% over the last six months compared to the broader group's 2% increase. In the past year, it surged 45%, while the group only rose 22%, notes the analyst.
However, while analyzing ...