As previously reported, BofA analyst Andrew Obin upgraded Johnson Controls (JCI) to Buy from Neutral with a price target of $80, up from $76. The firm cites a combination of data center exposure, valuation and the forthcoming addition of a new CEO. Johnson Controls is on track to generate about $4B from data centers, or about 14% of revenue in FY24, giving it a leading position in the space, but it is trading at a discount to Carrier Global (CARR) and Trane (TT), the analyst tells investors.
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