Piper Jaffray Maintains Overweight on Johnson Controls

Piper Jaffray is out with its report today on Johnson Controls JCI, maintaining Overweight. In a note to clients, Piper Jaffray writes, "Expectations for JCI are high going into fiscal 3Q results on Wednesday after outperforming the market over the past month. We agree that JCI is likely to post upside to fiscal 3Q results as the impact of the Japanese earthquake on global auto production was less than was feared when JCI cut guidance in late April. However, the upside in the quarter (if tied to Japan) may require a commensurate reduction to FY12 estimates. We remain bullish on the prospects for Building Efficiency and Power Solutions and would recommend buying JCI on any weakness associated with lofty 3Q expectations." Shares of JCI closed Monday at $40.59, down 0.64% from Friday's close.