Otis Worldwide price target lowered to $105 from $110 at RBC Capital

RBC Capital lowered the firm’s price target on Otis Worldwide (OTIS) to $105 from $110 but keeps an Outperform rating on the shares. The company reported a challenging Q1 and the firm is taking a more cautious view on margin development this year as Otis continues to navigate a range of headwinds, the analyst tells investors in a research note. With the shares at a clear discount to Kone and Schindler however, RBC thinks inflecting Service momentum could drive a substantial re-rating.