J.P. Morgan is out with a research report this morning, where it reiterates its Neutral rating on Johnson Controls JCI; it also lowered its price target to $34.00, from $38.00.
The JPM analysts said, “We leave our FY2010e EPS unchanged at $2.00 (slightly higher than guidance of $1.95), but lower our 2011e EPS slightly to $2.60 (vs. $2.65 earlier) as we moderate the pace of BE volume recovery and tweak our vehicle production forecasts across the regions in 2011 (2012 stays unchanged at $3.20). Friday JCI shares fell -4.5% (S&P500 down -0.8%) after the company reported F3Q EPS of $0.55, in line with JPM/consensus.”
They added, “Lower BE revenues/profits were offset by higher-than-expected income from Automotive (though margins in North America were disappointing for the reasons discussed below) and Power Solution. While BE backlog was sequentially up again (and orders were +9% y/y in F3Q), current period BE revenue trends suggest recovery in this unit will be drawn out, partly because Service related revenues (along with Europe) are showing sizable revenue pressure.”
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In: Analyst ColorPrice TargetAnalyst RatingsAuto Parts & EquipmentConsumer DiscretionaryJP Morgan
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in