JPMorgan analyst Stephen Tusa lowered the firm’s price target on Lennox (LII) to $501 from $592 and keeps an Underweight rating on the shares as part of a Q3 earnings preview for the electrical equipment and multi-industry sector. The firm is a “bit more cautious” in the near term on the group but says valuation setup “is now at least more attractive.” JPMorgan is “leaning more towards value plays with negative positioning” into the quarter.
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