Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on Lennox (LII) to $545 from $575 and keeps an Equal Weight rating on the shares. The firm notes Q3 OP beat its estimate by 1%. But HCS OP was 7% light and the volume guide for HCS revised from down low single digit to down high single digit. Combined with excess inventory, it fuels the ongoing uneasiness on RHVAC, Wells adds.
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