NEW YORK (Associated Press) - An analyst downgraded shares of Tyco International Ltd. yesterday, saying the diversified manufacturer has already outperformed its sector, while new non-residential construction activity - a large chunk of its business - may be at risk.

C Stephen Tusa jr. cut Tyco to "Neutral" from "Overweight" in a note to investors. The Bermuda-based company has outperformed both the industrial and electrical equipment group and the broader market, he said, and shares appear to have reached a fair price.

Tyco stock is up more than 11 percent since the start of the year and has traded between $31.01 and $47.95 in the last 52 weeks.