J.P. Morgan is leaving its Dec-2011 price target of $46 on Johnson Controls, Inc. JCI unchanged, “which we base on an unchanged 14x P/E applied to our F2012 EPS of $3.25.”
“FQ1 results confirmed an ongoing recovery in BE revenue and margin and a softer than anticipated rate of improvement in European Auto margins,” J.P. Morgan writes. “Our estimates for 2011-2014 are unchanged as upwardly revised production estimates (made by JPM one month ago) and accretion from recent acquisitions are offset by a more moderate recovery ramp on European Auto margins.
“Fundamentally, we continue to like JCI largely because of multi-year earnings ramp as all three divisions see simultaneous revenue and margin improvement.”
Johnson Controls closed Thursday at $38.80.
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