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Tuesday, October 3, 2023

Otis Worldwide Corporation (NYSE:OTIS) Recent Earnings Shows Major Concern

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Otis Worldwide Corporation (OTIS) shares are trading at lower $64.85 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $68.75.

To add more color to this target, the company’s high over the last year is $68.21 and the low is $38.00 while the S&P 500 is up 17.22%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, OTIS reported a profit of $979.0 million. Otis Worldwide Corporation also saw revenues increase to $3.27 billion. In addition, OTIS has free cash flow of $1.06 billion as of 09-2020. The company’s EBITDA came in at $502.0 million which compares well with its peers.

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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. OTIS has a short ratio of 1.97 and outstanding shares of 433.10M.

Company Outlook

OTIS has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 1.82 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 2.01. Otis Worldwide Corporation OTIS also noted assets of $10.47 billion at the end of the last quarter. Investors should also keep an eye on sector updates as OTIS has historically followed its peers on positive news.

All told, Otis Worldwide Corporation OTIS has strung together solid data and demonstrated underlying fundamentals. At its current valuation, OTIS 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.

Otis Worldwide Corporation OTIS is now commanding a market cap of 28.24B and a float of 433.02M. OTIS 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 OTIS 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 OTIS, either long or short, and we have not been compensated for this article.

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