Collins Stewart Starts Tyco Electronics, Ltd. (TEL) at Buy
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Collins Stewart initiated coverage on Tyco Electronics, Ltd. (NYSE: TEL) with a Buy rating and $45 price target.
The firm said, "Macro economic concerns have resulted in a 12% pullback in the shares of Tyco Electronics over the past month, which we believe provides an attractive buying opportunity as we hold a favorable view on the company's near-term performance and long-term outlook. The company also has more divestiture activity and more cost cutting initiatives to drive further margin expansion. As investors become better acquainted with the company (after the 6/07 separation from Tyco Intl.), we believe the P/E multiple can expand."
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