Carrier Global price target raised to $63 from $62 at Oppenheimer

Oppenheimer raised the firm’s price target on Carrier Global to $63 from $62 and keeps an Outperform rating on the shares. The firm notes shares were down Tuesday as investors digested multiple moving parts to FY24 guidance. Oppenheimer expects ongoing debate on VCS growth prospects and residential dynamics. However, Carrier’s underlying margin profile now appears stronger than the firm’s prior view, management is committing to deliver on FY24 VCS EBIT targets, secular HVAC growth drivers appear intact, and the core EPS outlook retains optionality around redeployment of Fire divestiture proceeds.