Otis Worldwide upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research upgraded Otis Worldwide (OTIS) to Outperform from Peer Perform with a $109 price target as part of a Q3 earnings preview. The downside risk to the company’s Q4 outlook is “widely anticipated” and Otis has a number of “offsetting positive developments that could drive incrementally more bullish positioning,” the analyst tells investors in a research note. Wolfe says Otis will benefit from seasonality and that the company remains on a path to $1.00 of earnings per shared in Q4 versus “bearish expectations” in the 95c range.