Bank of America Merrill Lynch Maintains Buy on Johnson Controls

Bank of America Merrill Lynch is out with its report today on Johnson Controls JCI, maintaining Buy. In a note to clients, Bank of America Merrill Lynch writes, "JCI hosted an upbeat analyst day for its Power Solutions segment at the company's headquarters in Wisconsin. The segment represents 15% of JCI's total revenue (~$5.8bn/$39.6bn) and about one-third of operating profit (~$780mm/$2.4bn) for 2011e. Management's foresight to diversify away from the Detroit Three in its auto business and, more importantly, away from the auto business toward its Controls and batteries businesses has put the company in a relatively strong position versus most other auto suppliers." Bank of America Merrill Lynch maintains a $45 PO on JCI. Shares of JCI closed Monday at $39.52, up 0.89% from Friday's close.