Morgan Stanley analyst Christopher Snyder lowered the firm’s price target on Lennox (LII) to $475 from $535 and keeps an Underweight rating on the shares. Q3 results supported the firm’s Underweight thesis of sizeable volume downside and material 2026 margin risk, says the analyst, who adds that it is “hard to convince” that market destocking is over. Should volumes miss again in Q4, as the firm suspects, concerns on industry pricing power will mount, the analyst added.
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