Carrier Global upgraded to Buy from Neutral at Citi

Citi upgraded Carrier Global to Buy from Neutral with a price target of $74, up from $65, following a transfer of analyst coverage. Carrier will be done with its transformation entering 2025, leading to an alternative “pure play” heating, ventilation, and air conditioning company with an improving multiple, the analyst tells investors in a research note. The firm says Viessmann weakness is a known headwind, and Carrier synergies related to Viessman and its wider productivity initiatives could largely offset this. It believes Carrier’s core markets should grow mid-single digits over the next couple years as U.S. residential and global transports bottom while commercial HVAC remains strong. As such, Citi sees room for further share upside.