Otis Worldwide Corp (OTIS) PT Raised to $77 at Cowen

Cowen analyst Cai Von Rumohr raised the price target on Otis Worldwide Corp (NYSE: OTIS) to $77.00 (from $75.00) while maintaining an Outperform rating.

The analyst commented, "Otis' 2021 results are buoyed by gradual market recovery, share gains, and FX pluses vs. European peers; and all major OE's should see secular service share gains from the trend to elevator connectivity. Yet Otis' 14.2x 2021 TEV/EBITDA is a 23% discount to peer Kone & Schindler. We see reset upside as the stock becomes more widely known and are nudging our PT to $77, a 16.5x TEV/EBITDA."

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