RBC Capital analyst Deane Dray downgraded Johnson Controls to Underperform from Sector Perform with a price target of $50, down from $54. The analyst cited risk to margin expansion targets, lukewarm earnings growth, potential repercussions from the cyberattack, and persistently low earnings quality for the downgrade. The analyst noted that Carrier Global (CARR) continues to be the firm’s preferred name in the HVAC space.
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