Otis Worldwide Corp (OTIS) PT Raised to $70 at Cowen

Cowen analyst Cai Von Rumohr raised the price target on Otis Worldwide Corp (NYSE: OTIS) to $70.00 (from $64.00) while maintaining a Outperform rating.

The analyst commented, "Otis's impressive Q2 beat & raise reflected strong execution & favorable mix; and hiked 2020 may have opportunity. Given the stock still looks under-owned by U.S. investors, we're hiking our PT to $70, a 2021 TEV/EBITDA of 16.7x and a 20% discount to Kone."

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