2 Magnificent Stocks to Buy in July
Johnson Controls (NYSE: JCI) and ON Semiconductor (NASDAQ: ON) don't have much in common. One provides heating, ventilation, air conditioning (HVAC), and building control systems. The other is a power and sensing technology company. But both are setting up to have strong years. As such, they are attractive stocks to buy now. Here's the lowdown.
The building solutions business is showing good earnings momentum in its fiscal 2023. The company has upgraded its full-year earnings expectations twice already. Having started the fiscal year forecasting organic revenue growth in the high-single digits to low-double digits and adjusted EPS of $3.20-$3.60, management now expects organic revenue growth of 10% and adjusted EPS of $3.50-$3.60.
As such, its near-term earnings momentum is good, but the company is also gaining traction on its long-term objectives as well. Management sees a long-term growth opportunity in helping building owners meet their net-zero carbon emissions goals by upgrading HVAC systems and building controls. All of that will be driven by the increasing adoption of digitally connected devices through its OpenBlue suite of AI-powered service solutions, which help create smart buildings.
Source Fool.com
