Carlisle price target lowered to $310 from $335 at BMO Capital

BMO Capital analyst John Joyner lowered the firm’s price target on Carlisle to $310 from $335 after its Q1 earnings miss but keeps an Outperform rating on the shares. Lingering inventory adjustments are occurring across the company’s building-products channels, and the firm cuts its FY23 EPS view to $18.25 from $20.95, the analyst tells investors in a research note. BMO adds however that Carlisle has executed very well on its operational initiatives and, along with steady organic growth in its roofing segment, this should help to push operating margins toward a targeted level of 20%.