JPMorgan Chase (JPM) sees a buying opportunity in HVAC company Carrier Global (CARR).
The Wall Street firm slapped a Buy-equivalent overweight rating and a $78 price target on CARR stock, implying 25% upside from where the shares finished trading on March 4. The bullish note on Carrier comes with the company’s stock down 6% so far in 2025 and underperforming the broader market.
Stephen Tusa, a top five-star rated analyst, wrote in a note to clients that “the stock is trading below HVAC peers and sector and in our view is the most attractive of the top 3 premium HVAC players on a relative basis.” He added that CARR stock is more than 25% off its 52-week high and “attractively valued.”
Tariff Uncertainty
Tusa acknowledged that “there is a high degree of uncertainty in HVAC” right now due to U.S. import tariffs on products from Mexico and Canada. However, he added that the long-term outlook for companies operating in the heating, ventilation, and air conditioning (HVAC) sector remains positive.
The JPMorgan Chase analyst added that he sees CARR stock at or near a bottom, and that the company’s price-to-earnings ratio of 20.16 is attractive. “This one is cheap on a [sum of the parts] basis, reflective of a disconnect between the perception of fundamentals here versus peers,” he wrote.
CARR stock has risen 13% over the last 12 months.
Is CARR Stock a Buy?
The stock of Carrier Global has a consensus Strong Buy rating among 12 Wall Street analysts. That rating is based on nine Buy and three Hold recommendations issued in the last three months. The average CARR price target of $81.73 implies 27.01% upside from current levels.
