(TYC) Tyco International- Bull of the Day

September 14th, 2009

We are initiating coverage on Tyco International (TYC) shares with an Outperform rating and $36 target price.

The company’s third-quarter results benefited from the improvement in key metrics like account growth, average revenue per user and the disconnect rate, which helped sustain recurring
revenues.

Tyco is increasing capital expenditure on Research & Development at its two new centers in Shanghai and Bangalore, which are focused on developing products tailored to respective local markets. The company is aggressively pursuing its restructuring program and expects to realize tangible benefits in 2010.

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