JPMorgan downgraded Lennox to Underweight from Neutral with a price target of $330, down from $370, post the Q4 report. The analyst commends the company for strong execution on commercial margins, but downgraded the shares on “reinforced caution” on the residential HVAC end market cycle outlook. The firm also sees potential for declines in short cycle light commercial HVAC markets in the second half of 2024. This could carry weakness in volumes into 2025, the analyst tells investors in a research note.
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