UPDATE: Deutsche Bank Downgrades Johnson Controls to Hold, Lowers PT
In a report published Friday, Deutsche Bank downgraded its rating on Johnson Controls (NYSE: JCI) from Buy to Hold, and lowered its price target from $35.00 to $32.00.
Deutsche Bank noted, “Our overarching thesis on JCI, which led us to upgrade the stock in April, was that the company was on the cusp of an earnings inflection point. We believed that each JCI's divisions were on the verge of significant (company specific) operational improvement. Looking at JCI's FQ3, it appears that our view was correct in 8 of the company's 9 publicly reported units; but 8 isn't enough.”
Johnson Controls closed on Thursday at $26.07.
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