Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Akanksha Bakshi

KeyBanc Cuts Carrier Global's Price Target By 10%

  • KeyBanc analyst Jeffrey Hammond lowered the price target for Carrier Global Corp (NYSE:CARR) to $54 (an upside of 28.5%) from $60 to reflect broadly lower multiples in the HVAC space.
  • The analyst maintained the Overweight rating on the shares.
  • According to Hammond, sporadic supply chain challenges remain in the spotlight. The analyst believes supply chain constraints persisted in 1Q22, albeit to varying degrees as the quarter progressed.
  • He mentions that contacts have indicated that lead times have improved since late January/early February, especially CARR contacts.
  • The analyst is concerned that the Ukraine/Russia conflict and COVID shutdowns in China may reignite inflation/supply chain issues, making the 2H22 setup more difficult.
  • Hammond believes CARR will migrate toward, and eventually surpass, premium HVAC rivals over time.
  • Price Action: CARR shares are trading higher by 0.57% at $42.02 on the last check Wednesday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.