Mizuho Bullish On Johnson Controls, Allegion; Neutral On Trane, Carrier Global; Bearish On Lennox

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Mizuho analyst Brett Linzey initiated coverage of five Building Products companies.

  • The analyst initiated Lennox International Inc. LII with an Underperform rating and a price target of $295, implying a downside of 9.28%.
  • Linzey says stock sentiment is poor due to concerns around tough comparisons heading into 2022 and the maturity of the residential replacement cycle in the U.S.
  • The analyst sees more volume downside potential next year and potentially even in 2023 for Lennox.
  • The analyst initiated Johnson Controls International PLC JCI with a Buy rating and a price target of $93, implying an upside of 17.6%.
  • Linzey names the stock a top pick and sees a path to $100 per share based on estimated earnings per share runway of $5 in 2025.
  • Johnson demonstrates improved operational execution and is gaining momentum in its commercial initiatives, mentions Linzey.
  • The analyst initiated coverage of Trane Technologies PLC TT with a Neutral rating and a price target of $205, implying an upside of 1.4%.
  • Linzey expects earnings upside if the company continues to execute but says that the shares currently look fairly valued.
  • The analyst initiated Carrier Global Corp CARR with a Neutral rating and a price target of $57, implying an upside of 5.75%.
  • Following a "significant re-rating" following the separation from Untied Technologies in 2020, Linzey sees the shares as fairly valued.
  • The analyst initiated Allegion PLC ALLE with a Buy rating and a price target of $170, implying an upside of 29.2%.
  • Linzey highlights the stock as a top pick and sees an attractive 2022 and 2023 earnings profile for it as non-residential markets "heal" and supply chain pressures from this year begin to ease.
  • Linzey believes 2022 Street numbers have 40c per share of upside.
  • Price Action: LII closed higher by 0.83% at $324.93, JCI higher by 0.58% at $79.10, TT higher by 0.19% at $202.16, CARR higher by 0.60% at $53.87, ALLE higher by 0.97% at $131.62 on Thursday.
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