Palm Beach Gardens, Florida-based Carrier Global Corporation (CARR) is a leading provider of intelligent climate and energy solutions. Valued at a market cap of $55.8 billion, the company offers a wide array of products and services, including heating, ventilation, and air conditioning (HVAC) systems, commercial and transport refrigeration, building automation, and fire and security technologies.
This industrial company has underperformed the broader market over the past 52 weeks. Shares of CARR have declined 5.2% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 30.4%. However, on a YTD basis, the stock is up 26.5%, outpacing SPX’s 7.9% rise.
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Focusing more closely, CARR has also lagged the State Street Industrial Select Sector SPDR ETF’s (XLI) 27.4% return over the past 52 weeks. Nonetheless, it has outperformed XLI’s 11.7% YTD uptick.
www.barchart.com On Apr. 30, CARR shares increased 8.8% after delivering better-than-expected Q1 earnings results. The company’s revenue increased 2.4% year-over-year to $5.3 billion, topping analyst estimates by around 6%. Its adjusted EPS of $0.57 also surpassed consensus estimates by $0.51. Management attributed the solid performance to robust growth in commercial HVAC, particularly in data center orders, and upbeat demand in the residential and light commercial segments.
For the current fiscal year, ending in December, analysts expect CARR’s EPS to grow 8.1% year over year to $2.80. The company’s earnings surprise history is mixed. It topped the consensus estimates in three of the last four quarters, while missing on another occasion.
Among the 26 analysts covering the stock, the consensus rating is a "Moderate Buy,” which is based on 13 “Strong Buy,” one “Moderate Buy,” and 12 “Hold” ratings.
www.barchart.com The configuration is slightly more bullish than a month ago, with 12 analysts suggesting a "Strong Buy” rating.
On May 1, Baird maintained an "Outperform" rating on CARR and raised its price target to $75, indicating a 12.2% potential upside from the current levels.
The mean price target of $75.69 suggests a 13.3% premium to its current price levels, while its Street-high price target of $90 implies a 34.7% potential upside.
On the date of publication, Neharika Jain did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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