Johnson Controls Impresses
NEW YORK (
) -- Shares of
Johnson Controls
(JCI) - Get Report
picked up momentum
after impressing with stellar earnings results
.
Johnson Controls stock gained 3.2% to $30.40 at the closing bell. This was a significant hike from its closing price of $8.70 back on March 11 on 2009.
Soleil Securities' increased its price target for Johnson Controls following the company's upbeat earnings guidance.
Michael Ward, a Soleil analyst, expects Johnson Controls to earn $1.70 per share in fiscal 2010, up from the previous estimate of $1.55 per share, according to a
Forbes
report.
On Jan. 22, Johnson Controls
increased its full-year 2010 EPS guidance
to $1.70 to $1.75 a share from a previous forecast of $1.35 to $1.45 a share.
The company is cautiously optimistic about auto production in the second half of 2010 because of uncertainties around consumer demand. However, Johnson Controls believes that strong growth in China will continue.
A group of auto-supplier stocks ended the trading session mixed.
Gentex
(GNTX) - Get Report
closed Monday's trading session down 0.6% at $17.50, while
Magna International
(MGA) - Get Report
rose 0.1% to $56.80.
Tenneco
(TEN) - Get Report
edged up 0.4% to $18.
-- Reported by Andrea Tse in New York
RELATED STORIES:
>> Johnson Controls Shares Soar
>> Top Auto-Supplier is Johnson Controls: Poll
>>See our new stock quote page.
Follow TheStreet.com on
and become a fan on
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
