UL Solutions price target raised to $115 from $100 at Raymond James

Raymond James raised the firm’s price target on UL Solutions (ULS) to $115 from $100 and keeps an Outperform rating on the shares. The Q1 results reinforced stronger-than-expected utilization and margin expansion, with robust incremental EBITDA conversion driven by Industrial demand, while ongoing portfolio actions and capital recycling into higher-growth TIC businesses support a longer-term view of expanding margins, sustained free cash flow growth, and potential further estimate upside if elevated incrementals persist amid secular tailwinds in industrials, AI infrastructure, and electrification, the analyst tells investors in a research note.