Johnson Controls shares jump amid Credit Suisse bullishness
Shares of Johnson Controls gained more than 2 percent Tuesday as investors digested a bullish note from Credit Suisse.
The firm upgraded the Johnson Controls' stock to "outperform" from "neutral," after the closing bell Monday and also raised its price target to $50 from $45.
"We have preferred to remain on the sidelines since we initiated coverage last summer; ... but substantial strategic announcements have been made in the interim," Credit Suisse said in a Monday note to client.
"We highlighted in our sector report last month that JCI was looking slightly attractive given its lagging performance; we have had a number of concerns regarding the TYC merger, but we think that many of them are either now embedded in the JCI share price, and / or we feel re-assured as regards the downside risk that they pose."
Johnson Controls shares are up 10.5 percent in 2016, but have fallen nearly 15 percent over the past 12 months. On Tuesday, the stock traded near $43.70.
JCI 12-month chartSource: FactSet
Disclosure: Credit Suisse makes a market in Johnson Controls shares.