Wells Fargo Slashes Targets Across Multiple Names

Wells Fargo dominated analyst activity on Thursday, cutting price targets on at least four stocks in a single session. The moves hit HVAC maker LII, elevator group OTIS, medtech giant BSX, and wealth manager RJF.

The harshest call landed on LII. Analyst Stephen Tusa cut his target to $355 from $424, a 16% reduction. Consensus also moved lower. The broader analyst community downgraded Lennox, trimming the average target from $437 to $392. Short interest sits at 8.4% of free float, not extreme but worth watching if sentiment worsens.

Tusa also cut OTIS to a $75 target from $77, keeping a Sell rating in place. The pair of cuts from the same analyst on the same day points to a read-across theme around industrial earnings.

On BSX, Wells Fargo's Larry Biegelsen trimmed his target to $45 from $48. Multiple other analysts made changes to the stock simultaneously. The consensus average target fell from $57 to $53.

Not all the news was negative. Wells Fargo lifted MAS (Masco) to $85 from $82, a Buy-rated call. Cybersecurity firm FTNT saw Piper Sandler cut its target sharply, to $140 from $175, a 20% reduction, though the Hold rating was kept. Fortinet carries just 1.9% short interest, so bears are not yet piling in despite the Street trimming expectations.

Data center REIT EQIX was a rare bright spot, with consensus average target edging up to $1,233 from $1,231.