Johnson Controls (JCI) NewsBite - JCI Upgraded By Goldman Sachs

Posted: Monday, October 12, 2009 12:49 PM EDT

Johnson Controls (JCI) was upgraded today by analysts at Goldman Sachs and the stock is now at $27.05, up $0.16 (0.6%) on volume of 1,769,142 shares traded. Goldman Sachs upgraded the stock today to Sell from Conviction Sell and lifted its price target to $20 from $18. Over the last 52 weeks the stock has ranged from a low of $8.35 in March to a high of $27.90 in September. Johnson Controls stock has been showing support around $26.28 and resistance in the $27.20 range. Technical indicators for the stock are bearish and S&P gives JCI a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on JCI the stock seems like it could be a candidate for a November out-of-the-money bull-put credit spread below the 22.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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