Carrier ( NYSE: CARR ) and Pentair ( NYSE: PNR ) on Friday were upgraded to Buy from an investment rating of Neutral by analysts at Mizuho Securities. They also added the companies to their list of top stock picks for 2023.
“Carrier ( CARR ) faces pockets of potential slowing this year, but we believe it is well positioned to navigate with a number of identifiable tailwinds to buffer weaker volumes,” according to Mizuho.
It raised its EPS estimate for Carrier ( CARR ) to $2.55 from $2.32 for 2023, and introduced an estimate of $2.80 for 2024. Mizuho also increased its price target on Carrier ( CARR ), which makes heating, ventilation and air-conditioning equipment, to $53 a share from $38 a share.
Negative sentiment about the residential construction market is peaking or already has, leading Mizuho to change its stance on water-treatment company Pentair ( PNR ).
Mizuho maintained its EPS estimate for Pentair ( PNR ) at $3.40 for 2023, and introduced an estimate of $3.75 for 2024. The bank raised its price target for the stock to $60 a share from $44 a share, based on a multiple of 16 times its EPS estimates for 2024.
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Carrier, Pentair are top picks as Mizuho upgrades stocks to Buy