Otis Worldwide (OTIS) shares are "unlikely" to outperform as its earnings torque is "relatively low" during economic recovery, Deutsche Bank said in a Monday note.

Stock price outperformance may occur at the highest level because of a valuation multiple rerating and raised consensus estimates, analyst Nicole DeBlase wrote, adding that the company had a roughly average organic revenue/earnings growth profile.

"While we do see modest upside to current consensus forecasts, the magnitude is not powerful enough to push our target price significantly above the current share price," DeBlase said.

Deutsche Bank initiated Otis Worldwide at a hold rating with a $109 price target.

Price: 98.96, Change: -0.53, Percent Change: -0.53