Morgan Stanley analyst Erik Woodring maintained a Hold rating on Resideo Technologies (REZI – Research Report) today and set a price target of $24.00.
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Erik Woodring has given his Hold rating due to a combination of factors that reflect both positive performance and cautious optimism. Resideo Technologies demonstrated strong financial results in the first quarter, with revenue surpassing expectations and both business segments achieving mid-single-digit organic growth year-over-year. Additionally, gross margins improved more than anticipated, and management maintained their full-year revenue and EPS guidance, suggesting potential upside from expected pricing increases.
Despite these positive indicators, Woodring remains cautious, maintaining a Hold rating due to the stock’s significant rise of over 15% in the after-market. He acknowledges the company’s resilience amidst tariff uncertainties and a challenging macroeconomic environment, but he is inclined to adopt a more positive stance if there is a meaningful pullback in the stock price or if it underperforms without justification. This balanced view reflects confidence in Resideo’s strategic execution and potential for future growth, while also recognizing the need for prudent investment decisions.
In another report released on April 22, J.P. Morgan also downgraded the stock to a Hold with a $16.00 price target.
Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of REZI in relation to earlier this year.