JPMorgan upgrades Carrier to Overweight with revision cycle over

JPMorgan upgraded Carrier Global (CARR) to Overweight from Neutral with a price target of $78, up from $77. While there is a “high degree of uncertainty” in heating, ventilation, and air conditioning, and the company’s guidance is not conservative, “it should be doable, which means the revision cycle is over,” the analyst tells investors in a research note. The firm says that the tariff related pullback in the shares, Carrier ‘s valuation it at record relative lows and stands out versus peers who face the similar uncertainty. Carrier is viewed as a laggard to best-in-class peer Trane (TT), “but recent order rates paint a different picture,” contends JPMorgan.