UPDATE: Gabelli Upgrades Johnson Controls to Buy

Gabelli is out with its report today on Johnson Controls JCI, upgrading JCI from Hold to Buy. In a note to clients, Gabelli writes, "JCI shares currently trade at 8x FY12 estimated EBITDA and less than 12x our FY12 EPS estimate of $3.30 per share. In our opinion, the recent dip from a high of $41.26 on April 28 has provided investors an opportunity to invest in a high quality company with leading positions in three global businesses at a significant discount to its Private Market Value of $49. Accordingly, we are changing our recommendation to Buy from Hold." At the time of posting, shares of JCI were trading pre-market at $38.50, up 1.34% from Thursday's close.