UPDATE: Piper Jaffray Raises Covidien's PT

According to a research report published this morning, Piper Jaffray has increased Covidien's COV PT from $60 to $64. In the report, Piper Jaffray commented, "COV reported their FQ2 (March) with revenues up 6% (CC) and adjusted EPS up 13%, slightly beating us and consensus estimates. The strength in the business came from the medical device division (up 7% CC and representing 68% of total sales). The Energy (up 14%) and Vascular (up 17%) divisions contributed most of the growth. While emerging markets revenues (~9% of overall revenues) were up 14%, the growth was shy of the rate needed to meet management's goal of doubling in the next 3-4 years. COV stock has performed well this year, up 22% YTD. For the remainder of the year we continue to believe that COV's risk profile is low, while the market outperformance will likely moderate off its strong early rate." Piper Jaffray maintains its Overweight rating on Covidien, which is currently trading at $55.29.