Shares of Carrier Global Corp (NYSE:CARR) were trading higher on Monday, following the company’s announcement of its second-quarter results on Thursday.

The company delivered on earnings despite weaker-than-expected Viessmann results and plans to repurchase shares worth $1 billion in the back half of 2024, according to BofA Securities.

The Carrier Global Analyst: Andrew Obin upgraded the rating for Carrier Global from Underperform to Neutral, while raising the price target from $55 to $72.

The Carrier Global Thesis: The company reported adjusted earnings of 87 per share, higher than the 84 cents per share estimate, despite softer Viessmann results, Obin said in the upgrade note.

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"Orders were a bright spot in the quarter up + 30% alleviating some of the concerns regarding market share loss," he added.

"We now estimate that CARR will be able to meet earnings expectations despite Viessmann weakness on the back of solid NA HVAC demand with Viessmann comps getting easier into ’25," the analyst wrote.

Carrier Global plans to repurchase shares with $1 billion in the second half of 2024, with additional buybacks planned for 2025, he further stated.

CARR Price Action: Shares of Carrier Global were up 0.61% to $67.18 at the time of publication on Monday.

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