Nomura Securities Maintains a 'Neutral' on Tyco International (TYC); F4Q Review

Nomura Securities maintains a 'Neutral' on Tyco International (NYSE: TYC) price target raised $4 to $48.

Nomura analyst, Shannon O’Callaghan, said, "Segments beat us by $0.04 with a lower tax rate adding $0.03 for a net $0.07 beat. Fire and Flow beat while ADT was in line. FY12 guidance of $3.50-$3.60 excludes $125-$150M ($0.22-$0.26/share) of restructuring. We think restructuring should be included for quality of earnings, but it appears this will wait until after separation. We raise our FY12 EPS estimate from $3.35 to $3.55 on exclusion of restructuring (we previously included $0.09) and solid trends especially in Flow. We raise our PT to $48 on 13.5x our new FY12 EPS estimate. We stay at Neutral, awaiting more clarity and specifics on the spinco’s."

For an analyst ratings summary and ratings history on Tyco International click here. For more ratings news on Tyco International click here.

Shares of Tyco International closed at $46.99 yesterday.

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