In a report released yesterday, Andrew Obin from Bank of America Securities reiterated a Buy rating on Johnson Controls (JCI – Research Report), with a price target of $95.00.
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Andrew Obin has given his Buy rating due to a combination of factors that highlight Johnson Controls’ strong performance and strategic direction. The company’s second-quarter results exceeded expectations, with earnings per share and operations surpassing both consensus and internal estimates. This positive performance was driven by growth in Building Solutions orders across various regions, notably in EMEA/LA, which saw a significant increase.
Additionally, the new CEO, Joakim Weidemanis, has shown a commitment to addressing operational complexities and optimizing the company’s portfolio, aligning with investor expectations for simplification. The strategic focus on lean execution and SKU reduction is expected to enhance efficiency and innovation. Despite a slightly lower guidance for the upcoming quarter, the overall fiscal year guidance has been narrowed positively, reflecting confidence in continued growth and profitability. These factors collectively support the Buy rating, with a price objective set at $95.00 USD.
In another report released on April 29, Wells Fargo also maintained a Buy rating on the stock with a $82.00 price target.
JCI’s price has also changed slightly for the past six months – from $81.910 to $89.750, which is a 9.57% increase.