UPDATE: Credit Suisse Reiterates On Tyco International Ltd. As Stock Pivots Toward Growth

In a report published Wednesday, Credit Suisse analyst Julian Mitchell reiterated an Outperform rating on

, and raised the price target from $46.00 to $50.00. In the report, Credit Suisse noted, “TYC will unveil its 2016-18 plan at the November 21 Analyst Day in New York. We expect higher sales growth targets and slightly more conservative margin expansion targets relative to the prior plan. We think the stock will trade well into and around the event, and management will highlight software, technology and emerging markets as key themes for earnings growth. We forecast 2018 EPS of $3.36, with upside to $3.66 from conservative FCF reinvestment. We now value TYC on our FY16 estimates; our TP moves to $50 (from $46). Should TYC choose to include 'Restructuring' in EPS in the new plan, our published estimates would be slightly lower, although our TP would remain the same.” Tyco International Ltd. closed on Tuesday at $44.57.