Jefferies trims Lennox, Trane PT over softer residential HVAC demand
** Jefferies lowers PT on Lennox LII.N and Trane Technologies 2IS.F, citing weaker-than-expected residential HVAC demand in second half of 2025 due to excess inventory and macroeconomic softness
** Brokerage cuts Lennox PT to $645 from $665; the new PT shows a 13.7% upside to the stock's last close
** Cuts Trane's PT to $440 from $450, implying a 6% premium from the last close
** Reiterates rating at "hold" on both stocks
** Trane now expects Q3 residential sales to fall around 20%, while Lennox also sees soft demand, though its in-house distribution is helping cushion the impact- Jefferies
** Brokerage lowers its 2025 EPS forecast for Lennox to $22.85 from $24, and for Trane to $12.70 from $13.05
** S&P 400 Industrials (sector) .SPMDCI up 11.3% YTD
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