UPDATE: Piper Jaffray Upgrades Zimmer Holdings from Neutral to Overweight; Increases PT

According to a research report released today, Piper Jaffray has upgraded Zimmer Holdings ZMH from Neutral to Overweight and increased its PT from $65 to $75. Piper Jaffray said in the report, “Key elements of our Overweight thesis are: 1) Zimmer is highly levered to the hip and knee market (85% of revenues), disproportionately benefiting from a recovering ortho market, 2) Low single digit growth guidance for 2012 appears doable, even in a flattish ortho market, and 3) Ongoing restructuring initiatives drive increasing leverage and earnings growth in2H12 and 2013, even in a low growth environment.” Zimmer Holdings closed Friday at $60.50.