UPDATE: J.P. Morgan Lowers PT on Johnson Controls from $36 to $33

J.P. Morgan reiterated a Neutral rating on Johnson Controls (NYSE: JCI) and lowered its price target from $36 to $33.J.P. Morgan remarked, “JCI F3Q12 results tracked shy of guidance, JPM, and consensus expectations, driven by softer automotive aftermarket battery demand, a spike in recycled battery acquisition costs, lower European vehicle assembly volumes, and a host of execution issues in the European automotive business, offset by cost saves at Building Efficiency. The firm lowered F4Q expectations, guiding to implied EPS of $0.74- $0.79, vs. consensus of $0.90 headed into the quarter, on headwinds at Power Solutions expected to persist for one more quarter and an uncertain European macro principally affecting its automotive business.”Johnson Controls closed at $26.07 on Thursday.