Johnson Controls price target lowered to $58 from $68 at Citi

Citi analyst Andrew Kaplowitz lowered the firm’s price target on Johnson Controls to $58 from $68 and keeps a Neutral rating on the shares. The analyst says “largely resilient” demand trends across most industrial end markets should drive the Q3 results of industrial conglomerates that meet expectations and remain supportive of growth outlooks for the remainder of the year and into 2024. The firm expects moderating orders and some channel de-stocking as supply chain conditions continue to ease, but thinks these trends are largely well understood and anticipated by investors.