RBC Capital raised the firm’s price target on Johnson Controls to $54 from $48 but keeps an Underperform rating on the shares. Johnson Controls is favorably positioned for ongoing investments in commercial HVAC, building controls, and fire & security systems, such as frictionless access solutions and enhanced HVAC air quality, filtration, and exchange rates, but the management’s lukewarm FY24 guidance suggests that the company still has a long road ahead for operational and productivity improvements to convert these favorable trends into sustainable margin expansion, the analyst tells investors in a research note.
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