RBC Capital analyst Deane Dray lowered the firm’s price target on Johnson Controls to $54 from $58 and keeps a Sector Perform rating on the shares. The company’s delayed Q4 results missed estimates and the guidance was disappointing, the analyst tells investors in a research note. The firm says China remains a meaningful headwind while residential destocking, including heat pumps in Europe, is still running its course.
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Read More on JCI:
- Johnson Controls (NYSE:JCI) Drops on Q4 Miss
- Options Volatility and Implied Earnings Moves Today, December 12, 2023
- Johnson Controls sees FY24 adjusted EPS $3.65-$3.80, consensus $3.96
- Johnson Controls sees Q1 adjusted EPS 48c-50c, consensus 70c
- Johnson Controls reports Q4 adjusted EPS $1.05, consensus $1.09
