Deutsche Bank Fine-Tunes JCI Estimates

Deutsche Bank is fine-tuning its 2011 estimates on shares of Johnson Controls Inc. JCI, “but we see potential upside to our 2012 estimate.” “The bottom line is that we are fine-tuning our F2011 estimate to $2.45 from $2.52, to reflect the impact of lost Japanese production (note that this still represents 20%+ earnings growth),” Deutsche Bank writes. “At the same time, the improved revenue outlook bodes well for our F2012 estimate of $3.20, with some upside if these trends continue. Our $45 price target is based on a 14x target multiple applied to our F2013 estimate.” Johnson Controls closed Monday at $39.60.