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UTX

United Technologies

$131.25

-0.64 (-0.49%)

, JCI

Johnson Controls

$36.00

-0.51 (-1.40%)

08:12
04/04/19
04/04
08:12
04/04/19
08:12

U.S. HVAC may be at 'now or never' moment for consolidation, says Morgan Stanley

Morgan Stanley analysts Joshua Pokrzywinski and Rajeev Lalwani said they believe the U.S. heating, ventilation, and air conditioning industry may be at a "now or never" moment for consolidation, noting that United Technologies (UTX) has started "negotiating in public" given CEO Greg Hayes' comments on his view on valuation, timing and a structure for any deal for its Carrier business. The analysts said they believe that antitrust concerns limit the discussion to two potential transactions, namely combining Carrier with Johnson Controls (JCI) or with Lennox (LII). While both scenarios could unlock value, they view the path to a deal as easier for Lennox and see United Technologies shares as "the best way to play" this consolidation theme. Including a Carrier transaction in their sum-of-the-parts valuation would point to a United Technologies share price of up to $170, versus their price target on the stock of $155, noted the analysts.

UTX

United Technologies

$131.25

-0.64 (-0.49%)

JCI

Johnson Controls

$36.00

-0.51 (-1.40%)

LII

Lennox

$269.79

2.37 (0.89%)

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UTX United Technologies
$131.25

-0.64 (-0.49%)

03/13/19
MSCO
03/13/19
NO CHANGE
MSCO
Morgan Stanley says 737 MAX grounding shouldn't hurt long-term fundamentals
Morgan Stanley analyst Rajeev Lalwani noted that most major countries and airlines that operate Boeing's (BA) 737 MAX, except for the U.S. and Canada, have placed restrictions around the plane and his expectation is for a grounding of the fleet globally. In that base case, he said there is likely to be disruption to Boeing's deliveries and order activity that ultimately create a buying opportunity over the coming quarters as he thinks the issue should not impact fundamentals in the long run. In regard to suppliers such as Spirit AeroSystems (SPR) and United Technologies (UTX), Lalwani believes disruption will be limited, contrary to market reactions. Among U.S. airlines who operate the 737 MAX, Lalwani said Southwest (LUV) screens as most exposed versus American Airlines (AAL) and United Continental (UAL). For aircraft lessors like Air Lease (AL) and AerCap (AER), a global grounding scenario has "mixed implications," added the analyst. Though he remains comfortable with his Overweight rating and $500 price target on Boeing shares, Lalwani thinks clarity on the path ahead for the 737 will be needed for shares to resume their upward trend.
02/22/19
02/22/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Nvidia (NVDA) initiated with an Overweight at Atlantic Equities. 2. United Technologies (UTX) resumed with an Overweight at JPMorgan. 3. Wabtec (WAB) initiated with a Hold at Jefferies. 4. STMicroelectronics (STM) initiated with an Outperform at Cowen. 5. Biogen (BIIB) initiated with a Market Perform at BMO Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
02/22/19
JPMS
02/22/19
INITIATION
Target $132
JPMS
Overweight
United Technologies resumed with an Overweight at JPMorgan
JPMorgan analyst Stephen Tusa resumed United Technologies with an Overweight rating and $132 price target following a period of restriction. The company's investment phase is "now driving top tier, visible organic growth," Tusa tells investors in a research note. With United Technologies' backlog/services providing "stability in a potential downturn scenario," the analyst sees a favorable risk/reward profile for the shares.
02/08/19
MSCO
02/08/19
NO CHANGE
Target $155
MSCO
Overweight
Morgan Stanley says 'stay involved' with United Technologies, ups target to $155
Morgan Stanley analyst Rajeev Lalwani believes the next 1-2 quarters will "get interesting" for United Technologies, laying out three reasons he sees to "stay involved" in the stock in the near-term. Namely, he thinks the company is at a "now or never" moment in regard to strategic actions; there is growing potential around trade resolution; and the recently accelerated timetable for its split means investors are getting closer to realizing the 30% sum-of-the-parts discount he sees in the stock, Lalwani tells investors. He reiterated an Overweight rating on United Technologies shares and raised his price target to $155 from $145.
JCI Johnson Controls
$36.00

-0.51 (-1.40%)

02/05/19
ARGS
02/05/19
NO CHANGE
Target $45
ARGS
Buy
Johnson Controls turnaround is progressing, says Argus
Argus analyst John Eade kept his Buy rating on Johnson Controls with a price target of $45, saying the stock price has outperformed over the past quarter as its management "continues to transform its business line-up" with the recent sale of its Power Solutions business. The analyst is also positive on the company "hitting its operating targets" while emerging as a "top-quartile multi-industrial company with core growth platforms in buildings and energy storage." Eade anticipates the transformation of Johnson Controls to result in more consistent sales growth and margin improvement, thanks in part to the company's stepped up investment in its sales team.
03/18/19
03/18/19
UPGRADE
Target $42

Outperform
Johnson Controls upgraded to Outperform at Wells Fargo
As previously reported, Wells Fargo upgraded Johnson Controls to Outperform from Market perform as the timing is now better for the story to play out. Expectations and sentiment are pretty low, even as fundamentals are picking up, it adds. The firm also raised its price target on the shares to $42 from $35.
03/18/19
03/18/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Okta (OKTA) upgraded to Buy from Neutral at Goldman Sachs with analyst Heather Bellini saying the company's "strong" results since its April 2017 initial public offering continue to demonstrate the growing role that identity is playing in the wider enterprise information technology ecosystem. 2. Dollar General (DG) upgraded to Overweight from Equal Weight at Barclays with analyst Karen Short saying the company is doing what all "best-in-class" retailers do, it is investing from a position of strength to enhance its competitive edge, even if it means near-term guidance disappoints. 3. Johnson Controls (JCI) upgraded to Outperform from Market Perform at Wells Fargo with the firm's analyst saying the timing is now better for the story to play out. 4. Drive Shack (DS) upgraded to Outperform from In-Line at Imperial Capital with analyst George Kelly saying he is optimistic that the company's new venues opening this summer and fall will perform better than Orlando, and longer-term, he believe Drive Shack's management will be able to "navigate the rapidly growing golf entertainment space." 5. Dentsply Sirona (XRAY) upgraded to Outperform from Market Perform at William Blair with analyst John Kreger citing what he viewed as a positive International Dental Show. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/18/19
WELS
03/18/19
UPGRADE
WELS
Outperform
Johnson Controls upgraded to Outperform from Market Perform at Wells Fargo
LII Lennox
$269.79

2.37 (0.89%)

03/06/19
03/06/19
DOWNGRADE
Target $255

Neutral
Lennox downgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst John Walsh downgraded Lennox to Neutral from Outperform, while modestly raising his price target on the shares to $255 from $253. The analyst expects HVAC sales to benefit from pricing actions, sustained U.S. residential market growth of GDP+, and commercial and institutional market growth. Price/cost is expected to be a tailwind in H219 and 2020 due to hedging duration, he adds.
03/13/19
DBAB
03/13/19
INITIATION
Target $256
DBAB
Hold
Lennox initiated with a Hold at Deutsche Bank
Deutsche Bank started Lennox International with a Hold rating and $256 price target.
03/13/19
DBAB
03/13/19
INITIATION
DBAB
Deutsche Bank starts Ingersoll-Rand, Lennox with Hold ratings
Deutsche Bank analyst Nicole DeBlase initiated coverage of both Ingersoll-Rand (IR) and Lennox International (LII) with Hold ratings. The residential heating, ventilation, and air conditioning upcycle can continue for at least two more years, DeBlase tells investors in a research note, citing her proprietary industry demand model as well as recent management commentary. The analyst sees 15% upside to residential HVAC demand through 2020, which she believes should benefit all industry participants. On the Commercial side of the market, DeBlase expect low- to mid-single digit growth over the next several years.
03/06/19
FBCO
03/06/19
DOWNGRADE
FBCO
Neutral
Lennox downgraded to Neutral from Outperform at Credit Suisse

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AMZN

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NLSN

Nielsen

$25.60

0.03 (0.12%)

, ETM

Entercom

$6.43

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NOC

Northrop Grumman

$280.86

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COP

ConocoPhillips

$65.49

-0.96 (-1.44%)

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ZM

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, MSFT

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$124.90

-0.6 (-0.48%)

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$65.93

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MSFT

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$124.90

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$NSD

NASDAQ Market Internals

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(0.00%)

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LPL

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OXY

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TDOC

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MPC

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UMC

UMC

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LRN

K12

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SPN

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-0.685 (-13.80%)

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RES

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SAP

SAP

$128.22

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12:01
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APC

Anadarko

$71.92

7.8 (12.16%)

12:00
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Hot Stocks
Anadarko rises 12.4% »

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