Needham & Company Cuts Estimates on Johnson Controls (JCI); Quarter Was Lacking Some Power

Needham & Company maintains a 'Buy' on Johnson Controls (NYSE: JCI) price target of $35.00.

Analyst, said, "The fiscal 3Q12 financial results lacked some power due to sluggish after-market battery sales in North America (N.A.), which offset improvement in energy efficiency order intake in Asia and a turnaround in residential services. The near-term outlook highlights continued weakness in the Europe region. However, we expect lead acid demand to improve as a result of record summer weather in N.A. Despite the near-term challenges, we believe the long-term secular demand trends in energy efficiency are favorable for Johnson Controls and we recommend ‘Buy’ing JCI shares at this reasonable price level."

FY12 EPS estimate lowered from $2.66 to $2.41 and FY13 from $3.17 to $2.95.

For an analyst ratings summary and ratings history on Johnson Controls click here. For more ratings news on Johnson Controls click here.

Shares of Johnson Controls closed at $26.07 yesterday.

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