HSBC upgraded Johnson Controls to Buy from Hold with a price target of $69, up from $58. The stock’s recent underperformance provides a good entry point to a business with exposure to decarbonization and sustainable buildings, the analyst tells investors in a research note. The firm sees the pullback in the stock as “harsh” given the strength in the building-solutions business and structural growth profile of the business centered on decarbonization and internet of things adoption in buildings.
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