Piper Jaffray Overweight On Johnson Controls

Piper Jaffray has an Overweight rating and a $50 price target on shares of Johnson Controls Inc. JCI. In a note to investors, Piper Jaffray writes, "We believe Johnson Controls' battery focused analyst day will be a positive catalyst for the stock as investors gain increased visibility into the company's plans to expand start/stop battery capacity and build on initial work on advanced battery technologies. We estimate the start/stop battery incremental earnings contribution to be $0.30/share, conservatively assuming full cannibalization of ~20 million units. JCI remains our top large cap idea and we are reiterating our Overweight rating and $50 price target. We believe JCI offers cleantech/industrial investors with unique exposure to key energy efficiency themes." Shares of JCI gained 28 cents yesterday to close at $37.39, a gain of 0.75%.