Citigroup Comments on Covidien

Oppenheimer commented on Covidien COV in a report released today. In the report, Citigroup was positive in its assessment of the company. Citigroup writes, "We remain under the impression that even with easy US comparisons starting in 2Q, the med tech market will continue to struggle as underlying trends in the US, EU, and Japan remain sluggish. We believe COV's footprint – products with less elective surgery exposure and early emerging market traction – offer better fundamental prospects than its peer group and favorable margin mix." Citigroup currently has a Buy/Medium Risk rating on Covidien and a price target of $67. Shares of Covidien closed at $54.22 on Friday.