Johnson Controls, Inc. (JCI) – Bear of the Day
Source: http://www.zacks.com/commentary/10397/Johnson+Controls%2C+Inc.+%28JCI%29+-+Bear+of+the+DayPosted on Tuesday, March 24th, 2009 | In Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
Johnson Controls, Inc. (JCI) is suffering from weakening product mix and raw material/ price squeeze. It has recently withdrawn its financial guidance due to lower North American and European vehicle production.
Rapid deterioration in automotive production coupled with worsening residential market raise concern. As foreseen, Johnson reported losses in the first quarter of fiscal 2009 and expects to incur similar losses in the second quarter of the year.
The company expects profits only after the third quarter of fiscal 2009. These lead us to rate the stock a Sell with a target of $7.00.
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