As previously reported, Oppenheimer downgraded Johnson Controls (JCI) to Perform from Outperform. The stock has outperformed the peer average both quarter-to-date and year-to-date. Following re-rating during the June quarter, valuation now sits at historical highs across multiple metrics, the firm notes. While Oppenheimer believes FY25 consensus has upside and Q3 order comparable sales overall are manageable, the firm thinks it prudent to move to the sidelines as one awaits further details on the strategic review.
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Read More on JCI:
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