UBS Raises Price Target on Johnson Controls (JCI) Following Adient Investor Day
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UBS reiterated a Buy rating on Johnson Controls (NYSE: JCI), and cut the price target to $51.00 (from $52.00), following Adient's investor day. Adient should fundamentally achieve higher margins than peers given its vertical integration.
Analyst Colin Langan commented, "2017 guidance came in below our estimates; however, we believe management is likely guiding conservatively to set Adient up to beat through the year. Profits should rise on margin expansion (SG&A cost cutting & metals integration) and increasing China equity income. The day increased our confidence in the margin opportunity and hidden value in China JVs."
Shares of Johnson Controls closed at $44.28 yesterday.
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