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Citigroup assumes coverage on ADT

November 6, 2012SSN Staff

NEW YORK—Investment analysts at Citigroup began coverage on shares of ADT in a note issued on Monday to investors, according to multiple reports. The firm set a “buy” rating and a $48.00 price target on the stock. The analysts had to untangle “complex accounting” and adjust cash flows to estimate steady-state free cash flow. They estimated the fair value to be about $42 per share, with potentially hidden tax assets adding another $6. ADT shares opened at $41.88 on Monday....

ADT, Citigroup, NYSE


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