Relaunching Coverage of Narrow-Moat Johnson Controls; Increasing FVE to $52 and Moat Trend to Stable
Upon the transfer of coverage to a new analyst, we have taken a fresh look at Johnson Controls’ valuation following the Tyco merger and Adient seating spin-off. We are increasing our fair value estimate to $52 from $50 per share due to enhanced cost synergy assumptions included in our five-year explicit forecast. We believe the merger and the spin-off stabilize Johnson Controls' moat trend, and we have upgraded the narrow-moat firm's moat trend rating to stable from negative. Johnson Controls’ p...
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