Lennox price target raised to $675 from $550 at Wells Fargo

Wells Fargo analyst Joseph O’Dea raised the firm’s price target on Lennox (LII) to $675 from $550 and keeps an Underweight rating on the shares. The firm says price/mix vastly outpaced cost, driving a very strong Q2 margin beat and raise. Wells remains bearish on the name, seeing limited near-term relative valuation expansion given elevated second half of the year market uncertainty and diminished revision risk following the raise.