Tyco Electronics Shares Edge Higher

HARTFORD, Conn. (AP) — Shares of Tyco Electronics Ltd., a maker of electronic components and undersea telecommunications systems, edged higher Wednesday afternoon as an analyst increased his price target to reflect a reduced credit risk and slightly higher assumptions on revenue.

UBS Investment Research analyst Amitabh Passi lifted his share price target to $18 from $11.50.

Tyco's recently announced $675 million sale of its wireless systems business to government contractor Harris Corp. gives Tyco the flexibility to pay down debt and make repayments less burdensome, Passi said in a note to investors. ...