UPDATE: JP Morgan Downgrades Johnson Controls to Neutral, Lowers PT to $35

JP Morgan lowers its rating on Johnson Controls

to Neutral from Overweight on reduced earnings visibility and further risk of lowered guidance. Price target is cut by $8 to $43 a share. JP Morgan says, "We cut FY12 EPS to $2.70 (from $3.00 earlier), to the low end of guidance, and would not be surprised if we end up even lower by year-end. FY13e EPS is cut to $3.20 (from $3.60 earlier). Our revised Dec-2012 price target of $35 now applies an 11x P/E multiple on our FY13 EPS (old PT of $43 was based on 12x FY13 EPS), with the lower multiple reflecting reduced visibility." JCI closed at $32.46 per share on Thursday.