J.P. Morgan Maintains Overweight on Johnson Controls

J.P. Morgan is out with its report today on Johnson Controls (NYSE: JCI), maintaining Overweight.

In a note to clients, J.P. Morgan writes, "We rate JCI shares Overweight as all three divisions (Automotive, Building, and Power Solutions) are beginning to see simultaneous revenue and margin improvement, specifically in Power Solutions, which is shifting into growth mode through AGM initiatives. We continue to be encouraged by rising backlog growth rates and the potential for a multi-year earnings ramp from mid-$2 this year to ~$4 in 2013E."

J.P. Morgan maintains a $46 PT on JCI.

Shares of JCI closed Monday at $39.52, up 0.89% from Friday's close.