Carrier Global price target lowered to $87 from $91 at RBC Capital

RBC Capital analyst Deane Dray lowered the firm’s price target on Carrier Global (CARR) to $87 from $91 but keeps an Outperform rating on the shares. The company’s orders momentum in Q3 was positive, but disappointingly at a lower-end of the 20%-30% range cited at a September conference, the analyst tells investors in a research note. RBC adds however that it remains positive on the Carrier Global transformation story, with Viessmann showing signs of stabilization and the HVAC pure-play Carrier being leveraged to datacenter, decarbonization, IAQ/sustainability secular trends.