UPDATE: Piper Jaffray Raising Price Target On Johnson Controls Inc.

Piper Jaffray is raising its price target on shares of Johnson Controls Inc. JCI to $50 from $47, and it has an Overweight rating on shares. In a note to investors, Piper Jaffray writes, "We are incrementally more confident in our FY11 estimates and the longer term growth outlook after meeting with Johnson Controls at the company's Milwaukee headquarters. It appears that the automotive disruption caused by the earthquake in Japan is recovering at a faster pace than was expected. Longer term, we believe Building Efficiency is positioned for ~15% sales growth this year and likely next (with any recovery in construction providing additional upside) and the growth potential in Power Solutions remains under-appreciated by the Street, in our view. Maintain Overweight rating & lifting target to $50." Shares of JCI lost 48 cents on Friday to close at $38.35, a loss of 1.24%.