Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on Otis Worldwide (OTIS) to $105 from $108 and keeps an Equal Weight rating on the shares. The firm also lowered its 2024 adjusted EPS 1% and 2025 2% on persistent China headwinds weighing on NE volume and margin estimates. China is moving from once upper teens percentage of Otis revenue to lower teens on the headwinds, but still commands the majority of attention, Wells says.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OTIS:
- Otis Worldwide Corporation Reports Strong Q3 2024 Results
- Otis Worldwide reports Q3 adjusted EPS 96c, consensus 97c
- Otis Worldwide narrows FY24 EPS view to $3.85 from $3.85-$3.90, consensus $3.87
- Otis Worldwide price target raised to $112 from $105 at JPMorgan
- Otis Worldwide downgraded to Peer Perform from Outperform at Wolfe Research