Otis Worldwide downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Julian Mitchell downgraded Otis Worldwide to Equal Weight from Overweight with an unchanged price target of $80. The analyst continues to have a neutral view on U.S. multi-industry stocks into 2023, although he says he’s more optimistic than many investors. Mitchell favors stocks exposed to U.S. residential construction, companies offering value from portfolio change and beneficiaries of easing supply chains. He cites Otis’s high European exposure for the downgrade.