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HARTFORD, Conn. - An analyst cut his profit forecast and share price target for Tyco International Ltd. late Tuesday after diversified manufacturer forecast fiscal 2009 profit below analyst estimates.
| TYC | 23.27 |  -1.3 |
Goldman Sachs analyst Terry Darling forecast earnings per share of $2.20 for fiscal 2009 and 2010. Previously, he forecast earnings per share $2.70 for 2009 and $2.65 for 2010.
Darling forecast earnings per share of $2.40 for 2011.
Darling also lowered his price target on Tyco shares to $25 from $20.
Tyco, a manufacturer of a range of products from security systems to valves, pipes and steel tubes, said Tuesday it expects earnings per share between $2.20 and $2.50 for fiscal 2009. On average, analysts polled by Thomson Reuters expected income of $3.01 per share in the year ending September 2009.
Darling said Tyco's action was "likely more conservative/realistic than many peers."
Tyco shares fell 66 cents, or 3 percent, to $21.08 shortly after the market opened. The stock earlier set a new year low of $20.50. It has traded in a 52-week range of $21.04 to $47.95.
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