UBS downgraded Johnson Controls to Neutral from Buy with a price target of $68, down from $74. The analyst sees a difficult path to the fiscal 2024 guidance and Johnson’s growth continuing to lag peers. The firm believes operational challenges, including difficulty in exceeding quarterly growth expectations, as continuing to weigh on investor sentiment. It views the stock’s risk/reward as balanced at current levels with limited positive catalysts ahead.
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Read More on JCI:
- Johnson Controls Files Key Financial Update
- Johnson Controls price target lowered to $70 from $71 at Oppenheimer
- Johnson Controls price target lowered to $59 from $61 at Barclays
- Unusually active option classes on open May 1st
- Johnson Controls backs FY24 adjusted EPS view $3.60-$3.75, consensus $3.60
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