Deutsche Bank Trims Price Target On Johnson Controls, Maintains 'Hold'
Friday, January 20, 2022 3:22 PM

Deutsche Bank (DB) trimmed its price target on Johnson Controls Inc. (NYSE:JCI) to $37 from $39, while maintaining its "Hold" recommendation on the stock.

The provider of automotive interiors cut its annual forecast by 15 cents, blaming reduced output in Europe and weather-related softness in second quarter aftermarket battery demand, among other reasons. It now expects earnings per share in the range of $2.70 to $2.85.

"We'd been expecting some reduction in guidance (we were at $2.78), since JCI's prior automotive build assumptions appeared somewhat optimisinstic," DB said.

"Maintaining our Hold recommendation, despite an improving risk/reward profile, as we seek to gain confidence that JCI’s mgmt is gaining the upper hand in managing issues affecting their performance," the bank wrote in a note.

The stock, which has been trading in the 52-week range between $24.29 and $42.92, fell 3.2 percent to $31.42 on Friday.