BofA analyst Andrew Obin downgraded Johnson Controls to Neutral from Buy with a price target of $72, down from $85. Investors are already cautious on residential HVAC demand, but paying a premium for non-residential exposure, said Obin. However, "cracks are appearing" in U.S. non-residential, which historically follows residential trends, added the analyst, who notes that his recent attendance at an industry event and other channel checks have left him more bearish on HVAC end markets.
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Published first on TheFly
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- Johnson Controls downgraded to Neutral from Buy at BofA
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