UPDATE: Morgan Stanley Reiterates on Tyco International Ltd. Ahead of Earnings Call
In a report published Friday, Morgan Stanley analyst Nigel Coe reiterated an Overweight rating on Tyco International Ltd. (NYSE: TYC), but removed the $47.00 price target.
In the report, Morgan Stanley noted, “TYC reported 45c which compares to 41c MSe/Street and 39-41c guidance. The results includes a $21m insurance recovery related to the 2012 Chinese accounting irregularities claim. Excluding that, headline EPS falls back to 41c - in line. However the company referred to the gain being more than offset by ‘weakness in Australia' and ‘growth investments'. Therefore, it is uncertain how much of the gain was used to accelerate investments, which is important since ROW margins ex. items declined by 40bps ex-items and gain to 9.3%.”
Tyco International Ltd. closed on Friday at $42.21.
Latest Ratings for TYC
|Jan 2016||Citigroup||Initiates Coverage on||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.