Core Viewpoint - Lennox International Inc. is considered a profitable manufacturing stock, with Barclays maintaining an "Overweight" rating despite a slight reduction in the 12-month price target from $730 to $700, indicating a cooling in optimism [1][2]. Financial Performance - In Q3 2025, Lennox reported adjusted EPS of $6.98, which exceeded expectations, while revenue decreased by approximately 4.8% year-over-year to $1.43 billion [1]. Market Position and Outlook - Barclays suggests that the bottom of Lennox's cycle may not occur until early 2026, indicating that investors are focusing on the company's structural strength rather than immediate growth [2]. - The company is viewed as a "buy on beat-up" scenario due to its margin resilience despite facing volume headwinds and macroeconomic softness [2]. Company Overview - Lennox International Inc. designs, manufactures, and markets heating, ventilation, air-conditioning, and refrigeration equipment for both residential and commercial markets in the U.S., Canada, and internationally [3].