Lennox Takes a Hit as Wells Fargo Trims Targets

Analyst pressure hit LII hard on Wednesday. Wells Fargo's Stephen Tusa cut his target on Lennox International from $424 to $355, keeping a Hold rating. The broader analyst consensus also moved lower, with the average target slipping from $437 to $392. The downgrade pushed Lennox into a group of industrials catching fresh bearish attention this week.

Also in Wells Fargo's sights was OTIS, where Tusa trimmed his target on Otis Worldwide from $77 to $75 on a Sell rating. The elevator and escalator maker has been a persistent short candidate for the analyst.

Piper Sandler's Rob Owens cut his target on FTNT from $175 to $140, holding his neutral stance. Fortinet carries short interest of just under 2% of free float, so this is not a crowded short. But a 20% target reduction on a $127B cybersecurity name is a meaningful call.

On the positive side, Wells Fargo's Sam Reid raised his target on MAS from $82 to $85, the lone buy-rated upgrade in today's batch. Masco, which makes home improvement products, saw its target move modestly higher.

BSX drew multiple changes, with the consensus average target falling from $57 to $53. Wells Fargo alone moved from $48 to $45. Boston Scientific reports results shortly, so the target cuts may reflect tempered expectations ahead of the print.

EQIX bucked the trend. The data center giant saw its consensus target tick up from $1,231 to $1,233, with the Buy count holding steady at 30 analysts.