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Carrier Global Corporation (CARR), headquartered in Palm Beach Gardens, Florida, provides heating, ventilating, air conditioning, refrigeration, fire, security, and building automation technologies. Valued at $65.7 billion by market cap, the company also provides building services such as audit, design, installation, system integration, repair, maintenance, and monitoring.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and CARR perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the building products & equipment industry. CARR is a leader in the HVAC and refrigeration industries, with strong sales growth and brand reputation. The recent acquisition of Viessmann Climate Solutions has expanded its market presence. The company's divestiture of non-core businesses demonstrates a strategic focus on core competencies and efficient resource allocation.
Despite its notable strength, CARR slipped 12.6% from its 52-week high of $83.32, achieved on Oct. 15. Over the past three months, CARR stock gained 1.4%, underperforming the Nasdaq Composite’s ($NASX)15.6% gains during the same time frame.
In the longer term, shares of CARR rose 26.7% on a YTD basis and climbed 31.7% over the past 52 weeks, underperforming NASX’s YTD gains of 31.2% and 36.7% returns over the last year.
CARR has traded below its 50-day moving average since late October. However, it has mostly traded above its 200-day moving average over the past year.
On Oct. 24, CARR shares closed down more than 8% after reporting its Q3 results. Its adjusted EPS of $0.83 topped Wall Street expectations of $0.81. The company’s revenue was $6 billion, falling short of Wall Street forecasts of $6.6 billion. CARR expects full-year adjusted EPS to be $2.50, and revenue is expected to be $22.5 billion.
In the competitive arena of building products & equipment, Trane Technologies plc (TT) has taken the lead over CARR, showing resilience with a 62.9% uptick on a YTD basis and solid 69.8% gains over the past 52 weeks.
Wall Street analysts are moderately bullish on CARR’s prospects. The stock has a consensus “Moderate Buy” rating from the 20 analysts covering it, and the mean price target of $85.38 suggests a potential upside of 17.3% from current price levels.
