Resideo price target raised to $48 from $35 at Oppenheimer

Oppenheimer raised the firm’s price target on Resideo (REZI) to $48 from $35 and keeps an Outperform rating on the shares. With the indemnification settlement/payment complete, the firm believes Resideo remains a relatively unknown story with the potential for value recognition via accelerated growth and multiple expansion. The “RemainCo” Products & Solutions business is poised to benefit from recent product innovation/introductions. The “SpinCo” ADI segment could benefit from steady growth, M&A, and an increased mix of higher-margin exclusive/proprietary products, Oppenheimer adds.