UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Johnson Controls on 1Q Autos Preview

In a report published Tuesday, Jefferies analyst Peter Nesvold reiterated a Hold rating on Johnson Controls (NYSE: JCI), and raised the price target from $31.00 to $34.00.In the report, Nesvold noted, “Earnings start to trickle in for the autos starting Tuesday, April 23. While 1Q results should be reasonably uneventful, downward pressure is building on 2H:13 estimates due to a continued slide in European sales. Coupled with a 34% expansion of EBITDA multiples over the past six months, it's getting increasingly difficult to put incremental capital to work in the group.”Johnson Controls closed on Monday at $32.64.