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Wachovia Keeps 'Buy' on Tyco


Wachovia reiterates buy on Tyco (TYC).

Analyst Wendy Caplan says Tyco's selection David Fitzpatrick, who formerly served as CFO of United Technologies, represents good news for Tyco shareholders. Fitzpatrick will take over as executive vice president and CFO.

Caplan says the relatively quick selection process suggests Fitzpatrick was at or near top of CEO Ed Breen's "list." She views Fitzpatrick's industrial background (18 years at General Motors, four years at Eastman Kodak and United Technologies) along with his experience in simplifying reporting structures and restructuring operations as positives.

Caplan raintains her $2.00 fiscal 2002 (Sept.) earnings per share estimate and the $2.15 2003 estimate. She has a $23 target, implied by shares trading at 10 times the $2.30 calendar 2003 earnings per share estimate and a sum-of-the-parts analysis.


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