JPMorgan analyst Stephen Tusa lowered his price target for Lennox International to $200 from $225 saying the company's Q3 results reinforce his "increasingly negative view." There appears to be a reversal of the "decade long narrative of Lennox as a best in class share gainer in an extended cycle driving outperforming earnings growth supported partly by incremental capital deployment," Tusa tells investors in a research note. The company is struggling to regain market share, contends Tusa, who struggles to see much earnings growth next year as the industry slows and insurance benefits go away. The analyst keeps an Underweight rating on Lennox shares.

Wells Fargo analyst Joseph O'Dea lowered the firm's price target on Lennox to $520 from $545 and keeps an Overweight rating on the shares. A solid Q1 and full year raise still saw Lennox's stock down 2% vs. XLI down 80bps, the firm says. Wells thinks a lighter potential R454B tailwind in 2025 and M&A uncertainty overhang are two reasons. In the firm's view, growth potential remains compelling.

Consensus $19.72. Backs FY24 revenue up 7%, consensus $5.12B. Sees FY24 free cash flow $500M-$600M.