JPMorgan upgrades Otis Worldwide after underperformance

JPMorgan analyst Stephen Tusa upgraded Otis Worldwide (OTIS) to Overweight from Neutral with a price target of $109, up from $101. The shares have underperformed the sector over the past three months but has a stable near-term outlook, the analyst tells investors in a research note. JPMorgan believes Otis can offsets challenges in China with its service business that represents nearly 90% of profits. It sees an attractive entry point at current share levels.