JPMorgan upgraded Carrier Global to Neutral from Underweight with a price target of $83, up from $48, after resuming coverage following a period of restriction. The stock trades in line with HVAC peers and remains the most attractive one of the top three premium HVAC players, but still shows a premium to the sector with the shares near its relative highs, the analyst tells investors in a research note. The firm expects Carrier’s second half of 2024 to be strong, partly on pre-buy, but is below consensus for next year due to a “reversal on this front” and expects sluggish volumes in 40% of the portfolio.
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