The firm downgraded shares to equal weight from overweight.
Carrier Global 's long-term potential is currently overshadowed by a catalyst-free near term, Morgan Stanley warned. Analyst Joshua Pokrzywinski downgraded the HVAC stock to equal weight from overweight and cut his price target by $2. Pokrzywinski's new price target of $47 implies a 3.1% upside over Wednesday's close.
The deal and other portfolio moves should be dilutive in 2024 before becoming accretive. Recent portfolio announcements have tended to underperform in the six months following the news, with Pokrzywinski listing Trane Technologies , General Electric , Fortive and Emerson among examples.
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