A Wall Street analyst has an upbeat view on Johnson Controls International (NYSE: JCI) , and the stock is getting a boost as a result. Shares of Johnson Controls traded up as much as 2.2% after Barclays raised its price target on the stock.
Johnson Controls is focused on heating, ventilation, and air conditioning systems (HVAC), and the stock has had a rough year as investors have grown increasingly concerned about homebuilding activity in a rising rate environment. Shares of Johnson Controls at one point had lost more than 40% of their value year to date, but have slowly been staging a comeback in recent weeks.
Barclays analyst Julian Mitchell believes the move has been justified. On Thursday, the analyst raised his price target to $73 from $66 and kept an overweight rating on the shares. The analyst has a neutral view on U.S. multi-industry stocks heading into 2023 but wrote that he is more optimistic than many investors.
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Why Johnson Controls Stock Got a Boost This Morning