UPDATE: J.P. Morgan Raises Covidien's PT

According to a research report published this morning, J.P. Morgan has increased Covidien's

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.