Carrier Global price target lowered to $59 from $64 at RBC Capital

RBC Capital lowered the firm’s price target on Carrier Global to $59 from $64 but keeps an Outperform rating on the shares. The company’s Q3 operating income saw a solid beat thanks to upside margins in HVAC and Fire & Security, and Carrier remains highly confident in Viessmann’s heat pump demand outlook despite some near-term regulatory noise. the analyst tells investors in a research note. The stock is also trading at a 21% discount to peers and below the midpoint of its historical relative P/E range, the firm added.