J.P. Morgan Maintains Overweight on Tyco International (TYC)

J.P. Morgan is out with its report today on Tyco International TYC, maintaining Overweight. In a note to clients, J.P. Morgan writes, "Tyco's F2Q was not the clean beat that we drew up, with Flow missing and non-fundamental items driving the beat, but we continue to get data points that suggest that sales/earnings momentum is accelerating, driving an improving outlook for the end of the year and into FY12/13. Tyco remains a cheap, non-consensus, latecycle stock, with an attractive risk/reward based on low expectations, a stable business mix and portfolio optionality. This mix keeps TYC our top pick." J.P. Morgan has a $53 PT on TYC. Shares of TYC closed Thursday at $48.41, down 0.94% from Wednesday's close.