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Thursday, October 22, 2020

The Forecast Just Changed on Carrier Global Corporation (NYSE:CARR)

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Carrier Global Corporation (CARR) shares are trading at higher $32.23 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $31.69.

To add more color to this target, the company’s high over the last year is $32.47 and the low is $11.50 while the S&P 500 is up 18.28%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, CARR reported a profit of $1.14 billion. Carrier Global Corporation also saw revenues increase to $3.97 billion. In addition, CARR has free cash flow of $462.0 million as of 06-2020. The company’s EBITDA came in at $520.0 million which compares well with its peers.

CARR booked profit margins of 9.00%. All told, it is clear that, CARR needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. CARR has a short ratio of 1.72 and outstanding shares of 866.20M.

Company Outlook

CARR has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 3.25 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 1.78. Carrier Global Corporation CARR also noted assets of $24.18 billion at the end of the last quarter. Investors should also keep an eye on sector updates as CARR has historically followed its peers on positive news.

All told, Carrier Global Corporation CARR has strung together solid data and demonstrated underlying fundamentals. At its current valuation, CARR represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Carrier Global Corporation CARR is now commanding a market cap of 27.67B and a float of 866.07M. CARR is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of CARR stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in CARR, either long or short, and we have not been compensated for this article.

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