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Citigroup reiterates buy rating, raises PT on Covidien

September 14, 2012 10:56 am by | 0 Comments

In a report published Friday, Citigroup reiterated its Buy rating on Covidien Ltd. (NYSE: COV), and raised its price target from $64.00 to $68.00.

Citigroup noted, “The 2012 investor meeting was short on surprises, but management was seemingly able to make everyone feel good by driving home COV's differentiated investment advantages vs. the rest of large cap med tech. This year, COV spent less time on its business units and opted instead to drive home several key advantages of the story including: 1) a lower relative exposure to elective procedures; 2) a successful M&A history; 3) a favorable GM mix shift; 4) significant growth and investment in EMs and 5) an unencumbered use of cash flow.”

Covidien Ltd. closed on Thursday at $57.78.

(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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By Einhorn, Dwight

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