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J.P. Morgan reiterated a Neutral rating on Johnson Controls
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.
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