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Here's Why Otis Worldwide (OTIS) is a Strong Momentum Stock

Zacks Equity Research
·2-min read

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.

While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

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Otis Worldwide (OTIS)

Incorporated on Mar 1, 2019, Otis Worldwide Corporation is one of the leading elevator and escalator manufacturing, installation and service companies. Otis has expanded business in more than 200 countries and territories across the world. Also, it has global scale and local focus with more than 1,400 branches and offices, and a direct physical presence in approximately 80 countries.

OTIS sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of B, and has a VGM Score of B. The stock is down 1.6% and up 0.4% over the past one-week and four-week period, respectively, and Otis Worldwide has gained 9.6% in the last one-year period as well. Additionally, an average of 2,073,050 shares were traded over the last 20 trading sessions.

Momentum investors also pay close attention to a company's earnings. For OTIS, two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.01 to $3.88 per share for 2024. OTIS boasts an average earnings surprise of 4.9%.

With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding OTIS to their portfolios.

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Otis Worldwide Corporation (OTIS) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research