Zacks Investment Research downgraded shares of Johnson Controls Inc. (JCI) from NEUTRAL to UNDERPERFORM on August 22, 2012, with a target price of $25.00.
Johnson Controls Inc. is a leading supplier of automotive interiors, batteries and other control equipment. Despite posting a 14% growth in earnings per share and a 2% growth in revenues, the company failed to meet the Zacks Consensus Estimate in the third quarter of fiscal 2012. Furthermore, the company expects softness in the global markets and a weak Euro would hamper its earnings. We are also concerned about pricing pressure from OEMs and strong competition faced by the company. These have led us to downgrade our recommendation on the stock to Underperform from Neutral and set a target price of $25.00.
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