Zacks Investment Research upgraded shares of Johnson Control (JCI) from UNDERPERFORM to NEUTRAL on January 21, 2013, with a target price of $33.00.
Johnson Controls Inc. is a leading supplier of automotive interiors, batteries and other control equipment. We are concerned about the company's pricing pressure from OEMs and strong competition. Further, weak end markets and adverse effects of foreign currency are expected to mar its 2013-first half results. However, despite posting a 16.1% decline, the company's profits exceeded the Zacks Consensus Estimate by a penny in the first quarter of fiscal 2013. Recently, the company raised its quarterly dividend by 5.6% to $0.19 per share. These factors have led us to upgrade our recommendation to Neutral from Underperform and set a target price of $33.00.
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