Stephens downgraded Carrier Global to Equal Weight from Overweight with a price target of $85, up from $75. Shares have rallied over 40% year-to-date, notes the analyst, who thinks this outperformance reflects strong execution of a portfolio transformation into a leading climate-oriented pure play. However, the firm now believes today’s greater than $80 share price level “fully reflects the company’s successful transformation,” the analyst tells investors.
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