Carrier Global Downgraded: BofA Analyst Cautions About HVAC Concerns In Europe
Portfolio Pulse from Nabaparna Bhattacharya
BofA Securities analyst Andrew Obin has downgraded Carrier Global Corporation (NYSE:CARR) to Underperform from Neutral, lowering the price target to $55 from $62 due to increasing HVAC concerns in Europe. The analyst notes that countries are diluting green incentives and regulations, leading to a slowdown in the market. This is particularly impactful for Carrier as Viessmann's revenue is approximately 40% heat pumps. The analyst also notes that Carrier's valuation has been rerated upwards following the announcement of the Viessmann acquisition.
October 05, 2023 | 6:24 pm
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Carrier Global Corporation has been downgraded by BofA Securities due to increasing HVAC concerns in Europe. The price target has been lowered to $55 from $62. This is due to the dilution of green incentives and regulations leading to a market slowdown, which impacts Carrier as Viessmann's revenue is approximately 40% heat pumps.
The downgrade by BofA Securities is due to increasing HVAC concerns in Europe. This is particularly impactful for Carrier as Viessmann's revenue is approximately 40% heat pumps. The dilution of green incentives and regulations is leading to a market slowdown, which is expected to negatively impact Carrier's stock price in the short term.
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