RBC Capital analyst Deane Dray raised the firm’s price target on Johnson Controls to $61 from $54 and keeps an Underperform rating on the shares after its “modest” Q3 earnings beat and narrowed FY24 guidance. These quarterly results were upstaged by the “positive-at-the-margin” announcements, including the retirement of CEO George Oliver and the portfolio pivot to commercial building solutions now being “largely complete”, the analyst tells investors in a research note.
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Read More on JCI:
- Johnson Controls CEO George Oliver to retire
- Johnson Controls tightens FY24 adjusted EPS view to $3.66-$3.69 from $3.60-$3.75
- Johnson Controls sees Q4 adjusted EPS $1.23-$1.26, consensus $1.20
- Johnson Controls reports Q3 adjusted EPS $1.14, consensus $1.08
- Notable companies reporting before tomorrow’s open