UPDATE: J.P. Morgan Raises Covidien's PT
According to a research report published this morning, J.P. Morgan has increased Covidien's (NYSE: COV) PT from $59 to $64.
J.P. Morgan commented in the report, "We're reiterating our Overweight and Top Pick rating on Covidien this morning and raising our December 2012 price target to $64. Organic growth is accelerating (+5.8% in the March quarter) and margins are expanding (GM +110bps YTD, OM +100bps), while the broader industry continues to struggle (1Q organic revenue growth in large-cap MedTech: 3.1%). Covidien is, in short, pulling away from the pack."
Covidien closed yesterday at $54.25.
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