UPDATE: Deutsche Bank Upgrades Johnson Controls to Buy
Deutsche Bank raises its rating on Buy-rated Johnson Controls (NYSE: JCI) and raises its price target from $39 to $40 to reflect perceived investor overreaction and expected improvement in performance.
Deutsche Bank comments, "The catalyst for our more favorable stance on the stock is two-fold: 1) We believe that investors have become overly bearish regarding JCI's near term and long term prospects, and; 2) We believe there's a very strong probability that JCI will begin showing improved performance over the relatively near term. We believe that increased confidence in the prospects for double digit earnings growth should serve as a catalyst for multiple expansion."
JCI closed at $31.83 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.