Otis lifts after new $2 bln stock buyback announced

Otis Worldwide

16/01/2025 21:45

** Shares of Otis Worldwide  OTIS.N  up 1.8% to $94.89
post-market as elevator and escalator maker looks to buy back
more of its stock
** Farmington, Connecticutt-based firm says board authorized $2
bln share repurchase program
    ** In conjunction, board cancelled approx $100 mln remaining
under prior program, approved in Dec 2022
    ** OTIS shares on Thurs closed up 1% at $93.20, giving co
$37.2 bln market cap, per LSEG
    ** Over the past year, shares have risen ~9%, while S&P 500
Industrials sector  .SPLRCI  has gained roughly 20%
    ** Of 17 analysts covering OTIS, recommendation breakdown is
5 "strong buy" or "buy", 10 "hold" and 2 "sell" or "strong
sell"; median PT is $100 - LSEG
     

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))