Piper Jaffray Reiterates COV Overweight Rating

Piper Jaffray has issued a report reiterating the Overweight Rating on Covidien COV. According to Piper Jaffray, "Medical devices represent ~70% of COV revenues and over 80% of earnings. The key sub-segments of endomechanical and energy comprise almost half of medical device revenues. Our view after the SAGES investor meeting is that the new product pipeline is sound in these two sub-segments, increasing the potential for COV to surpass our 4% revenue growth for CY12." COV has a $56 Price Target and closed yesterday at $51.94.