Carrier Global (NYSE:CARR) Stock Price Target Cut by Robert W. Baird

Key Points

• Robert W. Baird lowered Carrier Global’s price target from $72 to $70 while maintaining an “outperform” rating, implying about 31% upside from the prior close.
• Analyst sentiment is mixed but remains generally positive: Carrier has an average “Moderate Buy” rating and a consensus price target of $69.27, based on 11 Buy, eight Hold, and one Sell rating.
• Carrier reported stronger-than-expected quarterly results, with earnings of $0.87 per share and revenue of $6.26 billion; revenue increased 12.3% year over year.

Carrier Global (NYSE:CARR - Get Free Report) had its price objective lowered by analysts at Robert W. Baird from $72.00 to $70.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's price target suggests a potential upside of 30.97% from the company's previous close.

Several other equities analysts have also weighed in on CARR. Weiss Ratings lowered shares of Carrier Global from a "hold (c)" rating to a "sell (d+)" rating in a report on Friday. Sanford C. Bernstein dropped their target price on shares of Carrier Global from $78.00 to $64.00 and set a "market perform" rating for the company in a research report on Wednesday, October 7th. Citigroup cut their price target on Carrier Global from $80.00 to $71.00 and set a "buy" rating on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft reduced their price target on Carrier Global from $71.00 to $64.00 and set a "hold" rating on the stock in a research report on Wednesday, September 30th. Finally, Zacks Research downgraded Carrier Global from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 1st. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $69.27.

Carrier Global Trading Down 0.3%

CARR stock opened at $53.45 on Monday. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 0.96. Carrier Global has a twelve month low of $50.24 and a twelve month high of $76.76. The company has a market cap of $43.73 billion, a P/E ratio of -24.07, a PEG ratio of 1.83 and a beta of 1.33. The business has a fifty day moving average of $56.37 and a 200-day moving average of $61.71.

Carrier Global (NYSE:CARR - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.87 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.11. Carrier Global had a positive return on equity of 16.99% and a negative net margin of 7.90%. The firm had revenue of $6.26 billion during the quarter, compared to analyst estimates of $6.09 billion. During the same period last year, the company earned $0.67 earnings per share. The company's revenue was up 12.3% on a year-over-year basis. As a group, equities research analysts expect that Carrier Global will post 2.87 EPS for the current year.

Hedge Funds Weigh In On Carrier Global

Institutional investors and hedge funds have recently made changes to their positions in the company. Johnson Financial Group Inc. bought a new position in Carrier Global during the second quarter worth about $25,000. Meeder Asset Management Inc. bought a new stake in shares of Carrier Global in the second quarter worth about $26,000. Latitude Advisors LLC acquired a new stake in shares of Carrier Global during the third quarter worth about $27,000. Financial Management Professionals Inc. raised its position in shares of Carrier Global by 142.4% during the second quarter. Financial Management Professionals Inc. now owns 383 shares of the company's stock worth $28,000 after purchasing an additional 225 shares during the period. Finally, Downshift Financial LLC raised its position in shares of Carrier Global by 69.5% during the third quarter. Downshift Financial LLC now owns 517 shares of the company's stock worth $28,000 after purchasing an additional 212 shares during the period. Institutional investors and hedge funds own 91.00% of the company's stock.

About Carrier Global

Carrier Global Corporation NYSE: CARR is a global provider of intelligent climate and energy solutions. The company develops and manufactures heating, ventilation and air-conditioning (HVAC) systems, refrigeration equipment, building automation technologies and related controls and services for residential, commercial and industrial customers.

Its offerings include air conditioners, heat pumps, furnaces, boilers, chillers, ventilation systems, refrigeration systems and building management solutions.

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