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Carrier Global Corporation (CARR), headquartered in Palm Beach Gardens, Florida, provides heating, ventilating, air conditioning, refrigeration, fire, security, and building automation technologies. Valued at $57.9 billion by market cap, the company also provides building services such as audit, design, installation, system integration, repair, maintenance, and monitoring.
Shares of this global leader in intelligent climate and energy solutions have underperformed the broader market over the past year. CARR has gained 20.1% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 22.8%. In 2025, CARR stock is down 4.5%, compared to the SPX’s 3.4% rise on a YTD basis.
Narrowing the focus, CARR’s underperformance is also apparent compared to the SPDR S&P Homebuilders ETF (XHB). The exchange-traded fund has gained about 12.9% over the past year. Moreover, the ETF’s 2.9% gains on a YTD basis outshine the stock’s losses over the same time frame.
On Oct. 24, CARR shares closed down more than 8% after reporting its Q3 results. Its adjusted EPS of $0.83 topped Wall Street expectations of $0.81. The company’s revenue was $6 billion, falling short of Wall Street forecasts of $6.6 billion. CARR expects full-year adjusted EPS to be $2.50, and revenue is expected to be $22.5 billion.
For the current fiscal year, ended in December, analysts expect CARR’s EPS to decline 7.7% to $2.52 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.
Among the 21 analysts covering CARR stock, the consensus is a “Moderate Buy.” That’s based on 10 “Strong Buy” ratings, one “Moderate Buy,” and 10 “Holds.”
This configuration is less bullish than a month ago, with 11 analysts suggesting a “Strong Buy.”
On Jan. 17, Morgan Stanley (MS) analyst Christopher Snyder maintained a “Hold” rating on CARR with a price target of $78, implying a potential upside of 19.6% from current levels.
The mean price target of $84.29 represents a 29.3% premium to CARR’s current price levels. The Street-high price target of $95 suggests an ambitious upside potential of 45.7%.
