Carrier Global downgraded to Underperform from Peer Perform at Wolfe Research

Wolfe Research downgraded Carrier Global to Underperform from Peer Perform with a $56 price target. It appears that Carrier could be acquiring Viessmann just as the German heat pump market “turns materially negative,” the analyst tells investors in a research note. The firm now sees 11% earnings dilution risk to 2025, which it believes “caps the stock in light of its extended multiple.”