UBS Warburg Keeps 'Strong Buy' on Tyco
UBS Warburg reiterated its strong buy rating on Tyco International (TYC ) following the company's conference call yesterday. Analyst David Bleustein says on the call, the company reiterated its belief it has no liquidity crisis, and said it will be in the position to monetize CIT Group unit (via a sale or IP0) by the end of June. The company was comfortable with current guidance and estimates, the analyst notes. Bleustein kept his EPS estimates of $2.60 in fiscal year 2002 (Sept.) and $2.96 in fiscal year 2003. He also kept his $41 price target. He thinks the stock should be bought at these levels due to a host of reasons, including the existence of more realistic EPS projections, reduced uncertainty about the timing of strategic actions, and prospects of improved cash flow next year.
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