Morgan Keegan Updates On COV Following SAGES Meeting

Morgan Keegan has issued a report on Covidien COV following a meeting of the Society of American Gastrointestinal and Endoscopic Surgeons. According to the report, "Our take away from the meeting was (1) Covidien continues to innovate and improve its medical device franchise by introducing new technologies in stapling and ultrasonic vessel sealing and dissection, which bodes well for sustainable mid single-digits sales growth and margin expansion. (2) There is a modest interest in Intuitive Surgical's new product portfolio including SILS and a de-featured da Vinci System." COV is rated Outperform and has a $58 Price Target. COV closed yesterday at $51.94 a share.