Otis Worldwide (OTIS) Receives a New Rating from Cowen & Co.

By Austin Angelo

Cowen & Co. analyst Cai Rumohr initiated coverage with a Buy rating on Otis Worldwide (OTISResearch Report) today and set a price target of $64.00. The company’s shares closed last Thursday at $52.03.

According to TipRanks.com, Rumohr is a 5-star analyst with an average return of 7.4% and a 63.3% success rate. Rumohr covers the Technology sector, focusing on stocks such as Science Applications, Caci International, and Spirit AeroSystems.

Otis Worldwide has an analyst consensus of Moderate Buy, with a price target consensus of $56.50, a 7.9% upside from current levels. In a report issued on May 12, J.P. Morgan also maintained a Buy rating on the stock with a $60.00 price target.

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Otis Worldwide Corp is an elevator and escalator manufacturing, installation and service company. The firm is organized into two segments namely New Equipment and Services. The New Equipment segment is engaged in designing, manufacturing, selling and installation of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings and infrastructure projects. The service segment involved in maintenance and repair services and also provide modernization services to upgrade elevators and escalators. It generates a majority of its revenue from the Service segment.