UPDATE: Goldman Sachs Resumes Coverage on Lennox International Awaiting Greater Clarity
In a report published Tuesday, Goldman Sachs analyst Samuel H. Eisner resumed coverage on Lennox International (NYSE: LII) with a Neutral rating and $79.00 price target.
In the report, Goldman Sachs noted, “We resume coverage of LII with a Neutral rating and a $79, 12-month price target as we believe the shares are appropriately priced in the current environment. While we expect a new housing starts recovery to provide some medium-term tailwind to earnings, given the high replacement nature of the market we remain on the sidelines until greater clarity on the release of pent-up demand occurs. Although in early stages, we believe that LII is beginning to see benefits of expanding further into the non-res market. Lastly, we believe a strong commitment to share repurchases will provide a modest ballast to performance.”
Lennox International closed on Monday at $75.26.
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