Lennox downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Jeffrey Hammond downgraded Lennox to Sector Weight from Overweight without a price target The firm says the shares have exceeded its prior $600 price target creating a more balanced risk/reward. While it continues to appreciate Lennox’s long-term prospects, KeyBanc says that with an elevated bar into the second half of 2024 and 2025 earnings after a period of multiple expansion, and the potential for pricing benefits to come in lower than what is currently priced in, it sees the stock’s risk/reward as more balanced moving forward.