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HVAC company Johnson Controls up 42%, and JPMorgan sees more gains

The logo of Johnson Controls stands over a production plant

Sean Gallup | Getty Images

HVAC stock Johnson Controls should continue to outperform in the months ahead as the company continues to close the historical gap between itself and competitors, according to JPMorgan.

Shares of the company, which is based in Ireland and has high exposure to commercial building customers, has jumped 42% year to date.

Analyst Stephen Tusa upgraded the stock to overweight from neutral and hiked his price target by 50%, saying in a note to clients on Tuesday that Johnson Controls looks poised to reverse its historical struggles across the board.

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