Nomura Securities Maintains a 'Neutral' on Tyco International (TYC); Raises Estimates After Qtr Review
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Price: $45.59 --0%
Rating Summary:
9 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 20 | New: 20
Rating Summary:
9 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 20 | New: 20
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Nomura Securities maintains a 'Neutral' on Tyco International (NYSE: TYC) price target of $57.00.
Analyst, Shannon O'Callaghan, said, "The quarter beat us by $0.07 driven by $0.06 better corporate and tax ($0.03 each). ADT, Flow segment profit was in line. Fire & Security beat us by $0.02. Total revenues a 3% beat with 8% beat in Flow and 1% each in other two segments, while margins missed in ADT (20 bps) and Flow (90 bps) and beat in F&S (30 bps). Good orders in F&S (+6.5% organic) and Flow (+ 21% organic). ADT ARPU better at up 3.5% (vs. 2.8% last quarter) with account base up 2%, but attrition was up 20 bps sequentially to 13.2% and they are spending more on dealer accounts (dealer spending up 20% in 1H) as well as increasing sales & marketing, which was mentioned as a reason for the decline in y/y ADT margins (down 40 bps y/y). Separation set for end of September, with filings for Flow and F&S expected within the next week. We raise 2012/13 EPS to $3.67/$4.10 and update SOTP model."
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 $56.64 yesterday.
Analyst, Shannon O'Callaghan, said, "The quarter beat us by $0.07 driven by $0.06 better corporate and tax ($0.03 each). ADT, Flow segment profit was in line. Fire & Security beat us by $0.02. Total revenues a 3% beat with 8% beat in Flow and 1% each in other two segments, while margins missed in ADT (20 bps) and Flow (90 bps) and beat in F&S (30 bps). Good orders in F&S (+6.5% organic) and Flow (+ 21% organic). ADT ARPU better at up 3.5% (vs. 2.8% last quarter) with account base up 2%, but attrition was up 20 bps sequentially to 13.2% and they are spending more on dealer accounts (dealer spending up 20% in 1H) as well as increasing sales & marketing, which was mentioned as a reason for the decline in y/y ADT margins (down 40 bps y/y). Separation set for end of September, with filings for Flow and F&S expected within the next week. We raise 2012/13 EPS to $3.67/$4.10 and update SOTP model."
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 $56.64 yesterday.
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