Industrial stock Johnson Controls is up 40% this year — here’s why it’s going higher, Barclays says

The logo of Johnson Controls stands over a production plant
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Johnson Controls offers investors a way bet on a longer-term growth cycle in the industrials space as the economy continues to normalize after the pandemic, according to Barclays.

Analyst Julian Mitchell upgraded the stock to overweight from equal weight, saying in a note to clients on Wednesday that company's growth cycle was different than its peers and should continue into 2022. The HVAC and security company has less exposure to residential buildings than some other stocks in the space, so its reopening cycle should be extended, the note said.