J.P. Morgan Raising Estimates On Covidien

J.P. Morgan Chase & Co. is raising its earnings estimates on shares of Covidien COV. It has an Overweight rating and a $62 price target on shares. In a note to clients, J.P. Morgan Chase & Co. writes, "We are raising our 3Q EPS estimate by $0.015 to $0.95, which is now on par with Street consensus. On the top line, our $2.89B forecast (+12.8%, +2.9% organic) is $30M above consensus with the delta again due largely to currency. We view our 2.9% organic growth target as very achievable, particularly on the heels of 4.1% organic growth in 2QFY11 against an easier comparison." Shares of COV are down 28 cents today to $53.99, a loss of 0.52%.