UPDATE: Piper Jaffray Raises PT to $102 on CR Bard on Higher Large-Cap Multiples

Piper Jaffray reiterates its Neutral rating on CR Bard BCR and increases its price target on shares from $92 to $102. Piper Jaffray notes, "We are raising our price target from $92 to $102/share to incorporate as our new higher median 2012 multiple for large caps (we use 2012 median multiples applied to our 2013 estimates) shifted from 13.0x to 13.6x. We are keeping our FY13 estimate constant at $7.10 EPS. We are also adding $5.40/share to account for a discounted, fully taxed cash benefit from a recent patent infringement ruling (in escrow). We remain Neutral on shares." BCR closed at $107.83 on Monday.