BUZZ-Otis lifts after new $2 bln stock buyback announced

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))