Otis Worldwide initiated with a Hold at Deutsche Bank

Deutsche Bank initiated coverage of Otis Worldwide (OTIS) with a Hold rating and $109 price target The firm does not expect a multiple re-rating of the shares given the company’s “average” organic revenue and earnings growth profile. The analyst sees “modest” upside to current consensus forecasts, but believes the magnitude is not strong enough to push its target price significantly above the current share price.