Carrier Global initiated with a Hold at Melius Research

Melius Research initiated coverage of Carrier Global (CARR) with a Hold rating and $90 price target Carrier is “a transformation story,” but its structural improvements have been “masked by the noise” associated with asset sales, and unfortunate timing with Viessmann ahead of a sharp downturn in European heat pumps, the analyst tells investors. While the firm has a “positive bias,” it needs to see a better entry point to get more constructive, the analyst added.