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.
Latest Ratings for JCI
|Jan 2015||Nomura||Initiates Coverage on||Neutral|
|Dec 2014||Ascendiant Capital||Initiates Coverage on||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.