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Fly News Breaks for May 24, 2016
JCI
May 24, 2016 | 06:41 EDT
Credit Suisse analyst Julian Mitchell upgraded Johnson Controls (JCI) to Outperform and raised its price target to $50 from $45. The analyst said a number of concerns regarding the Tyco (TYC) merger are now reflected in Johnson's valuation, and almost not value is being assigned for deal synergies or the Adient spin-off. Mitchell believes a Power business update at the June 13 analyst day, and the approaching Adient spinoff in October will re-rate shares toward fair value.
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