UPDATE: Morgan Stanley Downgrades Johnson Controls on Near-Term Volatility
In a report published Monday, Morgan Stanley analyst Ravi Shanker downgraded the rating on Johnson Controls (NYSE: JCI) from Overweight to Underweight, and lowered the price target from $45.00 to $40.00.
In the report, Morgan Stanley noted, “We moved JCI near the top of our rankings a year ago because we saw far more scenarios where JCI could win than lose. However, with execution back on track, a new CEO lobbying for change and the stock at $43, expectations into the analyst day may be too high.”
Johnson Controls closed on Friday at $42.53.
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