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Fly News Breaks for October 23, 2019
Oct 23, 2019 | 07:51 EDT
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.