Johnson Controls (JCI): Raising PT After Merger - Oppenheimer
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Oppenheimer analyst, Noah Kaye, reiterated his Outperform rating on shares of Johnson Controls (NYSE: JCI) on the first day of trading after the TYC merger.
The analyst sees JCI evolving into a multi-industrial growth engine with proprietary building controls and energy storage capabilities, highly levered to key themes in sustainable growth, and maintain our outlook for 5.1% revenue growth at the "remainco" (JCI ex. Adient) in FY17.
New estimates reflect the merger and expected spin-off of Adient on October 31st and is raising his price target to $52 from $51 on multiple expansion, 10x (from 9.8x) $5.22B (from $5.28B) 2017 EBITDA.
Shares of Johnson Controls closed at $45.45 yesterday.
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