UPDATE: Morgan Stanley Raises Covidien's PT

According to a research report published this morning, Morgan Stanley has increased Covidien's

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.