UPDATE: Citi Raises PT on Tyco International

Citi is out with its report today on Tyco International (NYSE: TYC), raising its PT from $42 to $50.

In its report, Citi writes, "We are raising our target price from $42 to $50 using our EV/EBITDA SOP model which assumes peer group multiples and no take-out premium. This supports our Hold rating."

At the time of posting, shares of TYC were trading pre-market at $45.48, up 1.63% from Monday's close.