UPDATE: JPMorgan Starts Resideo Technologies (REZI) at Overweight
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JPMorgan analyst Paul Coster initiates coverage on Resideo Technologies (NYSE: REZI) with a Overweight rating and a price target of $28.00.
The analyst comments "We initiate coverage of REZI with an Overweight rating and Dec 21 YE price target of $28.00. REZI is currently
trading at 9 times forward P/E and 0.5x price to sales. The stock looks attractively valued on a blended basis relative to the comp groups for both the ADI distribution business and the Honeywell Home Products business, and the stock looks attractively valued relative to earnings growth prospects in our view. We expect REZI to outperform the mean of our coverage over the next 12 months, based on a positive rerating that should follow improving execution and a return to profitable growth."
Shares of Resideo Technologies closed at $19.92 yesterday.
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