Carrier Global, the Industrials sector company, was revisited by a Wall Street analyst today. Analyst Julian Mitchell from Barclays maintained a Buy rating on the stock and has a $74.00 price target.
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Julian Mitchell has given his Buy rating due to a combination of factors including Carrier Global’s potential for upside despite current challenges. The company is experiencing a downturn in its US RHVAC sales, which has led to a revision of its earnings per share estimates for the coming years. However, Mitchell anticipates that the stock is nearing a relative trough, suggesting that there is room for growth as the company navigates through these headwinds.
Mitchell’s analysis also considers the company’s valuation in comparison to its peers, indicating that Carrier Global’s stock could see moderate upside potential. The expectation of improved margins and sales growth in the future, particularly as RHVAC volumes return, supports the Buy rating. These factors combined suggest that while there are short-term challenges, the long-term outlook remains positive, justifying the recommendation.
Mitchell covers the Industrials sector, focusing on stocks such as Carrier Global, Honeywell International, and Illinois Tool Works. According to TipRanks, Mitchell has an average return of 11.7% and a 63.15% success rate on recommended stocks.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $89.00 price target.