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JCI

Johnson Controls

$41.93

1.04 (2.54%)

, MMM

3M

$191.20

0.87 (0.46%)

08:24
03/16/17
03/16
08:24
03/16/17
08:24

Johnson Controls to sell Scott Safety business to 3M for $2B

Johnson Controls (JCI) announced that it has signed a definitive agreement to sell its Scott Safety business to 3M (MMM) in a cash transaction valued at approximately $2B. Net cash proceeds from the transaction are expected to approximate $1.8B-$1.9B, and will be used to repay a portion of Tyco International Holding Sarl's $4B of merger related debt. The purchase price translates to approximately 13 times Scott Safety's trailing 12-month EBITDA. The transaction is expected to close in the second half of calendar 2017, subject to customary closing conditions including required regulatory approval. On a trailing 12-month basis, Scott Safety generated sales of approximately $570M and earnings before interest, taxes, depreciation and amortization of approximately $155M. Johnson Controls plans to offset dilution from this transaction, including increasing its share repurchase program during the remainder of fiscal 2017, and will provide additional details during the quarterly earnings call to be held in April.

JCI

Johnson Controls

$41.93

1.04 (2.54%)

MMM

3M

$191.20

0.87 (0.46%)

TYC

Merged with JCI

JCI Johnson Controls
$41.93

1.04 (2.54%)

03/06/17
JPMS
03/06/17
INITIATION
Target $44
JPMS
Neutral
Johnson Controls initiated with a Neutral at JPMorgan
JPMorgan analyst C. Stephen Tusa started Johnson Controls with a Neutral rating and $44 price target. The analyst sees a balanced risk/reward profile at current share levels.
03/06/17
03/06/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Snap (SNAP) initiated with an Underperform at Needham. 2. Johnson Controls (JCI) initiated with a Neutral at JPMorgan. 3. Regency Centers (REG) reinstated with an Equal Weight at Barclays. 4. Limbach Holding (LMB) initiated with a Buy at Roth Capital. 5. Enbridge (ENB) coverage resumed with an Outperform at BMO Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
03/13/17
GSCO
03/13/17
DOWNGRADE
Target $44
GSCO
Neutral
Johnson Controls downgraded to Neutral from Buy at Goldman
Goldman Sachs analyst Joseph Ritchie downgraded Johnson Controls to Neutral and lowered his price target for the shares to $44 from $48. The company's guidance is weighted to the second half of 2017, making the stock a show me story for the rest of its fiscal year, Ritchie contends.
03/13/17
OPCO
03/13/17
NO CHANGE
Target $34
OPCO
Outperform
Aqua Metals price target raised to $34 from $16 at Oppenheimer
Oppenheimer analyst Colin Rusch raised his price target for Aqua Metals (AQMS) to $34 from $16 after the company's recent filings and in light of its strategic agreement with Johnson Controls (JCI). The analyst continues to believe this agreement is transformative for Aqua Metals as it provides the company with stable, clearly priced demand for five years, and provides a key licensee for its technology and a partner for using the value-added product of its AquaRefining process. He reiterates an Outperform rating on Aqua Metals' shares.
MMM 3M
$191.20

0.87 (0.46%)

12/07/16
12/07/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. 3M (MMM) upgraded to Sector Perform from Underperform at RBC Capital with analyst Deane Dray citing her belief that President-elect Trump's policies will provide "a second wind" to the economic expansion and the recent downturn in the stock. 2. Discover (DFS) upgraded to Outperform from Neutral at Wedbush. 3. Patterson-UTI (PTEN) upgraded to Neutral from Underweight at JPMorgan with analyst Sean Meakim citing the company's frac exposure and improved balance sheet. 4. AutoZone (AZO) upgraded to Overweight from Neutral at JPMorgan with analyst Christopher Horvers citing improved fundamentals and expectations for comp acceleration amid easier comparisons. 5. Avery Dennison (AVY) upgraded to Neutral from Underperform at BofA/Merrill with analyst George Staphos citing relative valuation and macro factors and said Avery is positive correlated to the U.S. 10-year yield. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/13/16
JPMS
12/13/16
NO CHANGE
JPMS
Neutral
3M outlook for FY17 'a bit better' than expected at JPMorgan
JPMorgan analyst C. Stephen Tusa Jr. noted that 3M management maintained their FY16 EPS estimate of $8.15-8.20, but now see Q4 results coming in at the low end of that view. The company also gave FY17 EPS guidance of $8.45-$8.80, which compares to his estimate of $8.50 and the consensus forecast of $8.66, he noted. With sentiment "mostly negative" ahead of the event, the analyst said he expects a "modestly positive" reaction to the guidance and kept a Neutral rating on 3M shares.
12/19/16
ROTH
12/19/16
NO CHANGE
Target $9
ROTH
Buy
Roth Capital remains bullish on Mitek Systems
Roth Capital analyst Darren Aftahi remains "quite bullish" on Mitek Systems (MITK), and believes its Mobile ID business should continue to flourish. The analyst sees Gemalto's (GTOMY) recent acquisition of 3M's (MMM) identity management business as not being a competitive threat to Mitek Systems' consumer-facing mobile business, as most of 3M's business was focused around hardware, chip-sets and centered on government-facing entities. He reiterates a Buy rating and $9 price target on Mitek Systems' shares.
02/06/17
BARD
02/06/17
NO CHANGE
BARD
Align Technology could see competitive clear aligner launches ramp, says Baird
Baird said additional details regarding 3M's (MMM) new clear aligner system were posted to the FDA website today, as was a new approval for Dentsply Sirona's (XRAY) MTM clear aligner system. The firm expects 3M's Clear Tray Aligner to be a "full" system, while checks indicate Dentsply's approval modestly expands MTM's overall capabilities. The firm's analyst remains confident in Align Technology's (ALGN) ability to deliver mid-teens+ revenue growth but evidence is growth in that competitive clear aligner launches may ramp later this year.
TYC Merged with JCI

05/26/16
ATLE
05/26/16
UPGRADE
Target $52
ATLE
Overweight
Tyco upgraded to Overweight from Neutral at Atlantic Equities
Atlantic Equities analyst Richard Radbourne upgraded Tyco (TYC) to Overweight and increased its price target to $52 from $40. The analyst said Tyco's merger with Johnson Controls (JCI) creates a powerful building solutions focused business, supporting strong multi-year earnings growth with significant merger synergies and ongoing productivity savings. Radbourne adds, the spinoff of Adient should allow for a more appropriate value for the remaining company.
05/26/16
05/26/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Archer Daniels (ADM) upgraded to Buy at Citi by analyst David Driscoll, who said a shorter than expected South American soy crop has tightened the global soy supplies. 2. Centene (CNC) upgraded to Buy at Stifel citing valuation, what it sees as the company's increasingly certain outlook in the wake of the closing of its Health Net deal, and its Q1 results. 3. Tyco (TYC) upgraded to Overweight at Atlantic Equities by analyst Richard Radbourne, who said Tyco's merger with Johnson Controls (JCI) creates a powerful building solutions focused business, supporting strong multi-year earnings growth with significant merger synergies and ongoing productivity savings. 4. NICE Systems (NICE) upgraded to Outperform at JMP Securities by analyst Gerg McDowell, who said the pending acquisition of inContact (SAAS) may be more accretive to 2017 earnings than investors expect and potentially accelerate revenue growth to 35% next from 8% this year. 5. Jack in the Box (JACK) upgraded to Outperform at Baird because the firm believes any short-term noise on comp trends will be overshadowed by the positives related to the transition to a more highly franchised business model. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/14/16
BARD
06/14/16
NO CHANGE
Target $52
BARD
Outperform
Johnson Controls should move higher into Tyco merger, says Baird
Baird believes Johnson Controls (JCI) shares should move higher into the closing of its Tyco (TYC) merger and subsequent spinoff of Adient. The firm sees the broad energy market growing, with Johnson Controls well positioned to deliver 7-8% revenue growth with expanding margins. Baird sees Johnson Controls as the leader in the electric battery space and said it remains a top idea. Baird reiterated its Outperform rating and $52 price target on Johnson Controls shares.
09/28/16
COWN
09/28/16
INITIATION
Target $52
COWN
Outperform
Johnson Controls initiated with an Outperform at Cowen
Cowen analyst Gautam Khanna initiated coverage of the "new" Johnson Controls (JCI), which was formed via the merger of Tyco (TYC) and legacy Johnson Controls, with an Outperform rating and $52 price target, citing the visibility for 13%-15% adjusted EPS growth through FY18 as well as cyclical tailwinds and strong management.

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