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In a report published Wednesday, Citigroup reiterated its Neutral rating on Tyco International Ltd.
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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