The entire HVAC-R space has held up relatively well through this downturn, and while there are valid concerns about the strength of non-resi new-builds over the next couple of years, commercial HVAC is more of a replacement market than a new-build market. On top of that, plans aimed at curbing emissions and reducing power consumption should drive meaningful green retrofit activity.
For Carrier Global (CARR), there’s a little more to the story. Largely a hardware play on the HVAC-R and fire/security markets, management is working to build its share in Applied HVAC, as well as in other areas like controls/building management, and Fire/Security field services. If management can execute on what are some ambitious targets, while simultaneously driving better operating margins through the Carrier 600 program, there could still be upside in what has been a recent strong performer in a popular sub-sector.
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Successful Execution Can Support A Higher Value For Carrier Global Shares
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