Carrier Global Corporation (CARR), headquartered in Palm Beach Gardens, Florida, provides heating, ventilation, air conditioning, refrigeration, fire protection, security, and building automation technologies. Valued at $47.9 billion by market cap, the company also provides building services such as audit, design, installation, system integration, repair, maintenance, and monitoring. 

Shares of this global leader in intelligent climate and energy solutions have considerably underperformed the broader market over the past year. CARR has declined 23.1% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 17.5%. In 2025, CARR stock is down 16.7%, compared to the SPX’s 15.6% rise on a YTD basis.

Narrowing the focus, CARR’s underperformance is also apparent compared to the SPDR S&P Homebuilders ETF (XHB). The exchange-traded fund has declined about 12.2% over the past year. Moreover, the ETF’s marginal dip on a YTD basis outshines the stock’s double-digit losses over the same time frame.

Oct. 28, CARR reported its Q3 results, and its shares closed up more than 3% in the following trading session. Its revenue of $5.58 billion surpassed analyst estimates of $5.56 billion. The company’s adjusted EPS of $0.67 beat analyst estimates by 17.7%. 

For the current fiscal year, ending in December, analysts expect CARR’s EPS to grow 3.1% to $2.64 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.

Among the 24 analysts covering CARR stock, the consensus is a “Moderate Buy.” That’s based on 12 “Strong Buy” ratings, one “Moderate Buy,” 10 “Holds,” and one “Strong Sell.”

This configuration is less bullish than a month ago, with 13 analysts suggesting a “Strong Buy.”

On Oct. 31, JPMorgan Chase & Co. (JPM) kept a “Neutral” rating on CARR and lowered the price target to $60, implying a potential upside of 5.5% from current levels.

The mean price target of $74.65 represents a 31.3% premium to CARR’s current price levels. The Street-high price target of $90 suggests an ambitious upside potential of 58.3%. 

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