Headquartered in Palm Beach Gardens, Florida, Carrier Global Corporation (CARR) is a global leader in providing innovative heating, ventilating, air conditioning (HVAC), refrigeration, and fire and security solutions. Valued at $58.27 billion by market cap and renowned for revolutionizing modern air conditioning, CARR continues to lead the industry with innovative and sustainable technologies that enhance comfort, safety, and efficiency in residential, commercial, and industrial settings worldwide.
Carrier Global has significantly outperformed the broader market over the last year. The stock has gained 58.2% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 26.2%. In 2024 alone, shares of CARR rose 12.6%, surpassing SPX's 11.2% gains on a YTD basis.
Narrowing the focus, CARR’s outperformance is less pronounced when compared to the Invesco Building & Construction ETF (PKB). The exchange-traded fund has gained 49.4% over this period. The ETF’s 10.6% returns on a YTD basis lags behind the stocks gains over the same time frame.
On Apr. 25, Carrier Global reported Q1 earnings, beating Wall Street’s revenue and EPS expectations. The stock gained about 9.2% on the earnings release day and has seen uptrend since then.
For the current fiscal year, ending in December, analysts expect CARR to report EPS growth of 4.4% year over year to $2.85. The company's earnings surprise history is robust. It beat the consensus estimate in each of the last four quarters.
Among the 18 analysts covering CARR stock, the consensus rating is a “Moderate Buy.” That’s based on eight “Strong Buy” ratings, one “Moderate Buy,” seven “Holds,” one “Moderate Sell,” and one “Strong Sell.”
This configuration has been consistent over the past three months.
On May 28, Wells Fargo analyst Joe O’Dea maintained a “Hold” rating on Carrier Global with a price target of $66.00, implying a potential upside of 2.1% from current levels.
The mean price target of $65.14 represents a marginal premium to CARR’s current price levels. The Street-high price target of $79 suggests an upside potential of 22.2%.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
