Johnson Controls price target lowered to $60 from $72 at Argus

Argus lowered the firm’s price target on Johnson Controls to $60 from $72 but keeps a Buy rating on the shares. The company’s transformation is expected to result in more consistent sales growth and margin improvement over the long term as its products – including air handling units, limited-touch controls, thermal detection and scanning – are likely to be in high demand as workers return to offices, the analyst tells investors in a research note. The company’s Q4 earnings fell short of consensus expectation, but the recent weakness in the stock likely offers a buying opportunity, the firm added.