Wells Fargo analyst Joseph O’Dea lowered the firm’s price target on Otis Worldwide (OTIS) to $93 from $100 and keeps an Equal Weight rating on the shares. A second consecutive shortfall in Service organic revenue vs. expectations and EPS guidance maintained vs. an anticipated raise led to harsh pressure on shares, the firm notes. Key focus into the second half of the year is Service growth, and in particular how Maintenance tracks, says wells.
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