On October 2, Johnson Controls rose 3.04% in regular trading, trading at $156.31/share, with turnover of $279 million. The rally was driven by a wave of price target upgrades from major Wall Street firms.

Evercore ISI raised its price target on Johnson Controls to $165 from $155, while Goldman Sachs lifted its target to $191 from $186, maintaining a Buy rating. Earlier, Morgan Stanley adjusted its target to $180 from $175 with an Overweight rating, and Bernstein raised its target sharply to $190 from $173, maintaining an Outperform rating. According to FactSet, the consensus analyst rating stands at Overweight with an average price target of $169.50.

The upgrades follow a strong fiscal Q3 report in which Johnson Controls posted adjusted EPS of $1.42, well above the $1.30 consensus estimate, on revenue of $6.61 billion versus $6.46 billion expected. The company simultaneously raised its full-year adjusted EPS guidance to $5.05, above the Street estimate of $4.90. The next earnings report is scheduled for October 27 before the market opens, with an expected EPS of $1.58.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)