Otis Worldwide downgraded to Underperform from Peer Perform at Wolfe Research

Wolfe Research downgraded Otis Worldwide (OTIS) to Underperform from Peer Perform with a $104 price target Wolfe sees a tough set-up for Otis management to navigate in 2025, including China construction markets that will likely be down again, but also price deflation, credit risks and rising U.S. trade tensions that add to concerns, the analyst tells investors in a research note. As a result of these factors, and the likely continuation of weak multi-family and commercial construction markets in the U.S. and EU, Wolfe sees a 2025 outlook for below-trend revenue growth and a clear downside risk bias to estimates.