Johnson Controls added to Analyst Focus List at JPMorgan

JPMorgan analyst Stephen Tusa says he came from a deep dive on Johnson’ Services initiative, which represents 50% of its earnings, with a positive view of what "should turn out to be a differentiated defensive growth story that is under-appreciated by investors." Services is a "key aspect as to why we think this time is different for a historically less reliable JCI that can this cycle deliver earnings that are less cyclical and more defensive/visible than the current discount suggests," Tusa tells investors in a research note. Johnson Controls is the analyst’s top pick. He added the shares to JPMorgan’s Analyst Focus List with an Overweight rating and $70 price target. He says Johnson Controls is a "defensive growth name in a group that looks overvalued."