Johnson Controls (JCI) PT Adjusted to $48 at Oppenheimer
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Oppenheimer analyst Noah Kaye adjusted his price target on Outperform-rated Johnson Controls (NYSE: JCI) to $48.00 (from $52.00) post Adient spin and ahead of 4Q16 earnings next Tuesday. The firm also introduced FY18 estimates for the remaining JCI
Kaye commented, "With recent non-res indicators warranting a more conservative view on revenue trajectory in Building Efficiency
and legacy Tyco, we update our FY17 estimates and now forecast 3.3% top-line growth in FY17 (from prior 5.1%). However, we also model synergies, existing productivity initiatives, and product mix improvement to support double-digit EPS growth yr./yr. in 2018. We continue to see JCI evolving into a multi-industrial growth engine with proprietary building controls and energy storage capabilities, highly levered to key themes in sustainable growth."
Shares of Johnson Controls closed at $45.45 yesterday.
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