Wunderlich Reiterates Buy on Johnson Controls (JCI)

Wunderlich is out with its report today on Johnson Controls JCI, reiterating Buy. In a note to clients, Wunderlich writes, "Azure Dynamics is a JCI lithium-ion battery customer and we were able to get some additional insight into the battery market during recent one-on-one meetings. As we have previously stated, the conversion of corporate fleets to electric vehicles is a no-brainer. Many Fortune 1000 companies have Green mandates and running an electric fleet is both good marketing and easy because fleet cars usually travel a set route and come back to the same place at night where they can be charged in bulk. We conclude JCI is better positioned than its competitors in the runup to the commercial adoption of electric vehicles in the U.S. We reiterate our Buy rating on JCI and our $45 price target." Shares of JCI closed Monday at $41.20, down 0.48% from Friday's close.