Otis Worldwide (NASDAQ:OTIS) Coverage Initiated at HSBC

HSBC started coverage on shares of Otis Worldwide (NASDAQ:OTIS) in a research note issued on Monday, The Fly reports. The firm set a “reduce” rating and a $44.00 price target on the stock. HSBC’s price target indicates a potential downside of 22.62% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Barclays reiterated a “hold” rating on shares of Otis Worldwide in a research note on Friday, May 8th. Vertical Research began coverage on shares of Otis Worldwide in a research note on Monday, April 6th. They set a “buy” rating and a $53.00 target price for the company. JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Atlantic Securities began coverage on shares of Otis Worldwide in a research note on Tuesday, April 14th. They set an “overweight” rating for the company. Finally, Credit Suisse Group assumed coverage on shares of Otis Worldwide in a research note on Thursday, May 21st. They set a “hold” rating and a $55.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $57.25.

Otis Worldwide stock opened at $56.86 on Monday. Otis Worldwide has a twelve month low of $38.00 and a twelve month high of $61.46. The stock’s fifty day moving average is $54.48. The stock has a market capitalization of $23.98 billion and a price-to-earnings ratio of 29.61.

Otis Worldwide (NASDAQ:OTIS) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.14. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.05 billion.

In other Otis Worldwide news, insider Montlivault Stephane De sold 10,454 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $51.81, for a total value of $541,621.74. Following the completion of the transaction, the insider now owns 1,403 shares in the company, valued at $72,689.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. acquired a new stake in shares of Otis Worldwide during the first quarter worth about $41,000. Bellevue Asset Management LLC acquired a new stake in shares of Otis Worldwide during the first quarter worth about $45,000. Ameritas Investment Company LLC acquired a new stake in shares of Otis Worldwide during the first quarter worth about $57,000. Schroder Investment Management Group acquired a new stake in shares of Otis Worldwide during the first quarter worth about $69,000. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of Otis Worldwide during the first quarter worth about $216,000.

About Otis Worldwide

There is no company description available for Otis Worldwide Corp.

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Analyst Recommendations for Otis Worldwide (NASDAQ:OTIS)

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