Zacks Investment Research downgraded shares of Tyco International Ltd (TYC) from OUTPERFORM to NEUTRAL on April 30, 2013, with a target price of $34.00.
Tyco reported modest second quarter fiscal 2013 results as both revenue and adjusted earnings increased year over year. Tyco, post the spin off of its ADT and Flow Control divisions, has now become a pure Fire & Security company. Given, Tyco's broad portfolio of products and market-leading position, the company continues to strengthen its competitive capabilities and grow through acquisitions However unfavorable foreign currency translation, pending lawsuits, and high operating expense remain concerns for the company. We are changing our long-term recommendation for Tyco from Outperform to Neutral as we anticipate it to perform in line with the broader market.
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