(Updated at 12.:56 p.m.)

Global Hunter Securities downgraded Lennox International (NYSE: LII) from Buy to Accumulate with a price target of $112.

Analyst Walt Liptak said, "LII reported a weaker-than-expected Q1:15 due to timing issue in Commercial Heating & Cooling and Refrigeration segment volumes and margins that were weaker than we expected. LII maintained 2015 sales and EPS guidance, which should result in 2H:15 loading of EPS numbers due to the Q1:15 earnings miss. LII has been a 2015 top-performing industrial stock, up ~17% YTD through April 18. Our GHS industrial index is down -0.3% YTD, compared to the S&P 500 up +1.1% and the GHS Electrical Equipment Group up +7.7%. While we continue to believe that LII is gaining market share and is well positioned to leverage the improving US residential HVAC market, the Q1:15 earnings miss may make nearterm stock upside more difficult to achieve. "

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Shares of Lennox International closed at $106.72 yesterday.