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Carrier Global upgraded to Outperform from Neutral at Mizuho

Mizuho upgraded Carrier Global (CARR) to Outperform from Neutral with an unchanged price target of $78. The firm cites the stock’s “sizable valuation de-rate” despite the company’s underlying core earnings being largely unchanged for the upgrade. Carrier trades at a 25% EBITDA discount to its heating, ventilation, and air conditioning peers despite strong free cash flow generation and growth, the analyst tells investors in a research note. Mizuho says the company’s transformative portfolio actions are complete and buybacks are underway “with more to do next year.”

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