UPDATE: Oppenheimer Upgrades Johnson Controls (JCI) to Outperform

(updating comment)

Oppenheimer analyst Noah Kaye upgraded Johnson Controls (NYSE: JCI) from Perform to Outperform, PT $48.00.

The analyst comments "While the shares have recovered strongly from the initial market trough, we believe JCI has opportunities to narrow its valuation discount to HVAC and other multi-industrial peers through a reacceleration of organic growth prospects focused on connected, healthy, and sustainable buildings. We are raising our 4Q20 and FY21 estimates to reflect better assumed organic sales performance. We look for FY21 guidance to indicate better-than-consensus incremental margins. Our $48 PT is based off a 5% yield on our FY21 FCF estimate of $1,737M."

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 $43.10 yesterday.

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