UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Tyco International Ltd. on Exit from Atkore

In a report published Thursday, Morgan Stanley analyst Nigel Coe reiterated an Overweight rating on

, but removed the $47.00 price target. In the report, Morgan Stanley noted, “TYC disclosed this evening that it has completed its exit from Atkore, the legacy Electrical & Metal segment, which is a quarter earlier than we had expected. The impact is clearly insignificant, but it does add an additional $250m of liquidity to the B/S and this is a key touch point for the stock. One of the most popular questions we are getting right now is why TYC has been so weak? Since the disposal of ADT Caps (TYC's South Korean business) was announced, TYC has meaningfully underperformed and the reason is twofold: 1) how does TYC couch revised FY14 guidance when it announces 2Q results; 2) how does TYC redeploy the $2.1bn of net proceeds from the two disposals.” Tyco International Ltd. closed on Wednesday at $41.50.