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With a market cap of $51.5 billion, Carrier Global Corporation (CARR) is a global provider of intelligent climate and energy solutions, operating across the United States, Europe, Asia Pacific, and other international markets. Through its HVAC and Refrigeration segments, the company delivers innovative heating, cooling, ventilation, and transport refrigeration solutions under well-known brands such as Carrier, Viessmann, Toshiba, and Carrier Transicold.
Shares of the Palm Beach Gardens, Florida-based company have lagged behind the broader market over the past 52 weeks. CARR stock has declined 3.1% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 15.4%. However, shares of the company are up 15.8% on a YTD basis, outpacing SPX’s 1.1% rise.
Focusing more closely, shares of Carrier Global have underperformed the State Street Industrial Select Sector SPDR ETF’s (XLI) 23.3% return over the past 52 weeks.
Shares of Carrier rose marginally after the release of its Q3 2025 on Oct. 28. The company also reaffirmed solid cash generation, reporting $341 million in operating cash flow and $224 million in free cash flow for the quarter, while guiding to approximately $22 billion in full-year 2025 sales and adjusted EPS of about $2.65. Additionally, management highlighted double-digit aftermarket growth, 30% Commercial HVAC growth in the Americas, and confidence in strong earnings growth in 2026, helping offset concerns around a 7% sales decline and lower EPS.
For the fiscal year that ended in December 2025, analysts expect CARR’s adjusted EPS to grow nearly 2% year-over-year to $2.61. The company's earnings surprise history is promising. It topped the consensus estimates in the last four quarters.
Among the 23 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on 11 “Strong Buy” ratings, one “Moderate Buy,” and 11 “Holds.”
This configuration is slightly less bullish than three months ago, with 12 “Strong Buy” ratings on the stock.
On Jan. 16, JPMorgan raised Carrier Global’s price target to $63 while maintaining a “Neutral” rating.
The mean price target of $71.35 represents a premium of 16.6% to CARR's current price. The Street-high price target of $90 suggests a 47.1% potential upside.
