Johnson Controls, Inc. (JCI) – Bear of the Day
Source: http://www.zacks.com/commentary/10682/Johnson+Controls%2C+Inc.+%28JCI%29+-+Bear+of+the+DayPosted on Thursday, April 23rd, 2009 | In Market Commentary, Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
Johnson Controls (JCI) is suffering from a weakness in its
North American business, high inventory levels at the
OEMs, weakening product mix, and raw material/
price squeeze. Rapid deterioration in automotive
production coupled with worsening residential market
raise concern.
As foreseen, Johnson reported losses
in the second quarter of fiscal 2009.
The company
expects a return to profitability in the second half of
fiscal 2009. These lead us to rate the stock a Sell
with a target of $12.00.
Currently, Johnson Controls shares are trading at approximately 15.8x our 2010 estimate of $1.11. Our target price is 10.8x our 2010
EPS estimate.Zacks Investment Research
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