JPMorgan downgrades Otis Worldwide to Neutral, says ‘thesis broken’ after Q4

As previously reported, JPMorgan downgraded Otis Worldwide (OTIS) to Neutral from Overweight with a price target of $98, down from $116. Otis missed on sales in Q4, with guidance weaker than expected in New Equipment, says the analyst, who came away lowering estimates by 4%-5%. “We were wrong on our call for a defensive growth premium at Otis,” adds the analyst, who says the firm’s prior thesis is “broken.”