Nomura Securities Maintains a 'Neutral' on Tyco International (TYC); Sum-of-the-Parts
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Price: $45.59 --0%
Rating Summary:
9 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 10 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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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 break-up of Tyco into three companies opens the door to potential deals and one has already happened (Pentair-Flow merger agreement). In our sum-of-the-parts, we have already valued the fully-taxed core ADT cash flows at a premium to DirectTV (NYSE: DTV) (assigning lower multiple to tax planning cash flows) and have given F&S a 10% premium to its comp group to reflect its pure-play attraction and related strategic options. We are staying at Neutral, based on where our valuation work gets us to, even if we include some premium...Our $57 price target represents 14x our 2013 EPS estimate of $4.10 and agrees with our 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 $53.60 yesterday.
Analyst, Shannon O' Callaghan, said, "The break-up of Tyco into three companies opens the door to potential deals and one has already happened (Pentair-Flow merger agreement). In our sum-of-the-parts, we have already valued the fully-taxed core ADT cash flows at a premium to DirectTV (NYSE: DTV) (assigning lower multiple to tax planning cash flows) and have given F&S a 10% premium to its comp group to reflect its pure-play attraction and related strategic options. We are staying at Neutral, based on where our valuation work gets us to, even if we include some premium...Our $57 price target represents 14x our 2013 EPS estimate of $4.10 and agrees with our 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 $53.60 yesterday.
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