Carrier Global downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Jeffrey Hammond downgraded Carrier Global to Sector Weight from Overweight without a price target. Non-residential construction is likely to remain resilient in 2023, but moderating orders and backlog growth are likely to weigh on the stocks, Hammond tells investors in a research note. The analyst recommends switching into early-cycle names. Carrier still offers a strong long-term growth, but risks to its residential and commercial HVAC outlook are likely to limit share upside, contends Hammond.