Goldman Sachs Downgrades Johnson Controls (JCI) to Sell Citing Valuation
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Goldman Sachs downgraded Johnson Controls (NYSE: JCI) from Neutral to Sell with a price target of $35.00.
Analyst Joe Ritchie sees further downside to the equity noting concerns from investors are unlikely to be fully resolved in FY 2018 and believes the equity will underpace peers on 2017-2019 EPS growth and organic growth which, when coupled with subpar FCF conversion, will likely constrain the valuation multiple.
Shares of Johnson Controls closed at $37.36 yesterday.
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