Carrier Global (NYSE:CARR) Given New $75.00 Price Target at Royal Bank Of Canada

Key Points

• Carrier Global has had its price target reduced from $87.00 to $75.00 by Royal Bank of Canada, while still maintaining an "outperform" rating on the stock.
• The company's current share price suggests a potential upside of 20.33% based on the new price target.
• Overall, 10 analysts rate Carrier Global as a "Buy" while 7 have assigned a "Hold" rating, with a consensus price target of $83.29.

Carrier Global (NYSE:CARR - Get Free Report) had its target price cut by investment analysts at Royal Bank Of Canada from $87.00 to $75.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would suggest a potential upside of 20.33% from the company's current price.

Several other research analysts have also recently issued reports on CARR. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $79.00 price target on shares of Carrier Global in a report on Tuesday, July 15th. Citigroup reaffirmed a "buy" rating and issued a $89.00 price target (up previously from $82.00) on shares of Carrier Global in a report on Monday, July 14th. The Goldman Sachs Group reiterated a "buy" rating on shares of Carrier Global in a research report on Wednesday, May 21st. Robert W. Baird lowered their price objective on shares of Carrier Global from $85.00 to $84.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 30th. Finally, Melius Research upgraded shares of Carrier Global to a "hold" rating and set a $90.00 price objective on the stock in a research report on Tuesday, July 1st. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, Carrier Global has an average rating of "Moderate Buy" and a consensus price target of $83.29.

Carrier Global Price Performance

Shares of NYSE:CARR opened at $62.33 on Friday. Carrier Global has a 12 month low of $54.22 and a 12 month high of $83.32. The stock has a market cap of $53.04 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.76 and a beta of 1.25. The stock's 50 day moving average price is $69.64 and its 200 day moving average price is $68.11. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.17 and a quick ratio of 0.80.

Carrier Global (NYSE:CARR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.02. The company had revenue of $6.11 billion for the quarter, compared to analysts' expectations of $6.08 billion. Carrier Global had a return on equity of 17.83% and a net margin of 18.33%. Carrier Global has set its FY 2025 guidance at 3.000-3.100 EPS. Equities research analysts anticipate that Carrier Global will post 2.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Carrier Global

Institutional investors and hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC grew its holdings in shares of Carrier Global by 51.8% during the 1st quarter. Golden State Wealth Management LLC now owns 1,389 shares of the company's stock valued at $88,000 after acquiring an additional 474 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of Carrier Global by 15.7% during the 1st quarter. Bessemer Group Inc. now owns 28,768 shares of the company's stock valued at $1,823,000 after acquiring an additional 3,900 shares in the last quarter. Sowell Financial Services LLC purchased a new position in shares of Carrier Global during the 1st quarter valued at $234,000. Aberdeen Group plc grew its holdings in shares of Carrier Global by 1.8% during the 1st quarter. Aberdeen Group plc now owns 717,658 shares of the company's stock valued at $44,854,000 after acquiring an additional 12,346 shares in the last quarter. Finally, Ritholtz Wealth Management grew its holdings in shares of Carrier Global by 34.0% during the 1st quarter. Ritholtz Wealth Management now owns 3,968 shares of the company's stock valued at $252,000 after acquiring an additional 1,007 shares in the last quarter. 91.00% of the stock is currently owned by hedge funds and other institutional investors.

About Carrier Global

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: HVAC, Refrigeration, and Fire & Security.

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