Carrier Global Estimates Cut on Residential HVAC Weakness, RBC Says
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Carrier Global's preannouncement of weakness in its Americas residential HVAC segment led RBC Capital Markets to cut its estimates significantly. Q3 guidance was revised from 13% to 30% below consensus due to softer consumer demand and dealer destocking, impacting revenue by $75 million to $100 million. RBC also noted additional EPS headwinds and plans for $100 million in cost reductions. The brokerage lowered its estimates for Q3, Q4, and 2025 by 31%, 17%, and 12%, respectively, while maintaining an outperform rating but reducing the price target from $87 to $75.
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