Johnson Controls price target lowered to $70 from $71 at Oppenheimer

Oppenheimer lowered the firm’s price target on Johnson Controls to $70 from $71 and keeps an Outperform rating on the shares. The firm notes shares traded down Wednesday after the company beat the Q2 consensus adjusted EPS estimate on below-consensus sales and reiterated FY outlook, while guiding Q3 adjusted EPS light vs. the Street. Oppenheimer believes the reaction primarily reflected Q4-weighted growth outlook, APAC softness, earnings quality considerations and lack of definitive update on non-commercial divestitures.