- 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.
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KeyBanc Cuts Carrier Global's Price Target By 10%
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