According to a research report published this morning, Morgan Stanley has increased Covidien's COV PT from $56 to $61.
Morgan Stanley commented in the report, "The focus on smaller positive EPS revisions in FY2H12 obscures significant improvements in underlying growth. Organic acceleration from 2.5% to 6% in FY1H12 should drive P/E expansion at least 1-turn. We are raising our target ~9% and remain Overweight."
Covidien closed Friday at $55.34.
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