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UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on ADT Corporation

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In a report published Friday, Credit Suisse Group reiterated its Outperform rating on ADT Corporation (NYSE: ADT), and raised its price target from $45.00 to $48.00. Credit Suisse also added the company to its U.S. Focus List.

Credit Suisse noted, “The absence of public comparables make valuation tricky, but we are very comfortable buying the stock at current levels. We encourage investors to value ADT on 'SAC Adjusted' EBITDA, SSFCF (Unlevered), and on DCF. We would not recommend valuing the stock on P/E. We would also encourage investors to exclude the PV of ADT's NOL when comparing current EV trading multiples to historic M&A transactions. We are revising our FY12/13/14 EPS estimates to $1.73/$1.87/$2.04 (from $1.71/$1.89/$2.01) respectively.”

ADT Corporation closed on Thursday at $41.76.

Posted-In: Credit Suisse Group U.S. Focus ListAnalyst Color Price Target Analyst Ratings


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