UPDATE: Citigroup Reiterates Neutral Rating, Lowers PT on Tyco International

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In a report published Wednesday, Citigroup reiterated its Neutral rating on Tyco International Ltd. (NYSE: TYC), but slightly lowered its price target from $62.00 to $61.00.Citigroup noted, “We are reducing our TYC target price by $1 to $61 to reflect an update to our sum-of-the-parts model with refreshed peer multiples, and a shift in valuation from 2012/2013 to 2013. We are reducing our 2013 Tyco Flow organic revenue estimate from 10% to 7% based on moderating growth expectations for the sector and tough comps. We still expect mid-to-high single digit revenue growth in the business due to high backlog.”Tyco International Ltd. closed on Tuesday at $56.08.

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