Otis Worldwide (NYSE:OTIS) Price Target Raised to $111.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised its price target for Otis Worldwide from $105.00 to $111.00, indicating a potential upside of 20.98% from the current price.
• Despite the positive outlook from JPMorgan, other analysts have mixed ratings, with Barclays assigning an "underweight" rating and a target price reduction to $90.00.
• Otis Worldwide recently reported earnings of $1.05 per share, surpassing analysts' expectations, while also projecting a FY 2025 EPS guidance of 4.000-4.10.

Otis Worldwide (NYSE:OTIS - Get Free Report) had its target price upped by equities researchers at JPMorgan Chase & Co. from $105.00 to $111.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 20.98% from the stock's current price.

Several other research analysts also recently weighed in on the stock. Barclays cut their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the stock an "outperform" rating in a research report on Wednesday, October 8th. Wells Fargo & Company upped their price target on Otis Worldwide from $93.00 to $95.00 and gave the stock an "equal weight" rating in a report on Monday, October 6th. Morgan Stanley increased their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research note on Monday, July 14th. They set a "hold" rating and a $109.00 price objective on the stock. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $104.63.

Otis Worldwide Trading Up 1.0%

NYSE:OTIS traded up $0.93 during trading hours on Wednesday, reaching $91.75. 98,751 shares of the company were exchanged, compared to its average volume of 2,784,797. The stock's 50-day moving average is $88.69 and its 200-day moving average is $93.53. The firm has a market cap of $36.01 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 3.50 and a beta of 1.00. Otis Worldwide has a twelve month low of $84.25 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the prior year, the company earned $1.06 earnings per share. The business's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, research analysts anticipate that Otis Worldwide will post 4.04 EPS for the current year.

Hedge Funds Weigh In On Otis Worldwide

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company's stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after acquiring an additional 2,396,134 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Otis Worldwide by 3.2% during the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company's stock valued at $1,918,885,000 after purchasing an additional 603,860 shares during the period. Geode Capital Management LLC lifted its position in shares of Otis Worldwide by 1.2% during the second quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company's stock worth $1,057,594,000 after acquiring an additional 129,458 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Otis Worldwide in the second quarter worth $721,614,000. Institutional investors own 88.03% of the company's stock.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.

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