UPDATE: Morgan Keegan Raises PT on Teleflex to $60 (TFX)

Morgan Keegan is out with its report today on Teleflex TFX, raising its PT from $57 to $60. In a note to clients, Morgan Keegan writes, "Teleflex reported 1Q financial results. When adjusting for moving the cargo handling business to discontinued operations, sales came in at $400.6 million vis-a-vis our $391.1 million estimate. The outperformance in revenues came from the aerospace business, while medical sales were in-line. Cash EPS was $0.96 and in-line with our forecast. Operating margin of 15.6% was 50 bps lighter than our estimate, which was offset by lower than expected interest expense. Management maintained its operating segment guidance, but revised 2011 EPS guidance to $4.45-$4.65, a reduction of $0.05 to account for the cargo handling business. We believe the 1Q provides a solid footing to meet the 2011 earnings objectives. Consequently, our price target moves to $60 from $57. There is no change to our Market Perform rating." Shares of TFX closed Tuesday at $62.08, up 1.77% from Monday's close.