UPDATE: Imperial Capital Reiterates On Tyco International Ltd. On Raised Estimates

In a report published Friday, Imperial Capital analyst Jeff Kessler reiterated an Outperform rating on

, and raised the price target from $47.00 to $51.00. In the report, Imperial Capital noted, “We are maintaining our Outperform rating and raising our one-year price target to $51 from $47, about 12% above the recent share price. Management continues to focus on amplifying service-based revenues, engaging client management to focus on business process enhancement, and growing the percentage of higher-margin service revenues in the total mix. "Management appears to be focused on being selective about what jobs the company accepts, beginning with its North American Systems Installation & Services (NA I&S) division, in our view. As a result of company's focus on growing the percentage of higher-margin service revenues, we are raising our FY14E EPS to $1.97 from $1.92, and our FY15E EPS to $2.41 from $2.27.” Tyco International Ltd. closed on Thursday at $45.63.