Johnson Controls cut to Hold at Argus on valuation, reduced growth outlook

As previously reported, Argus analyst John Eade downgraded Johnson Controls to Hold from Buy. Johnson Controls has become a top-quartile multi-industrial company with core growth platforms in intelligent buildings, integrated infrastructure, and energy storage, and this transformation should result in more consistent sales growth and margin improvement over the long term, the analyst tells investors in a research note. The stock’s current valuations are reasonable however given the company’s reduced growth outlook due to the recent cybersecurity attack, the firm added.