Investment analysts at Piper Jaffray (NYSE: PJC) lifted their target price on shares of Covidien plc (NYSE: COV) from $60.00 to $64.00 in a note issued to investors on Monday. The firm currently has an “overweight” rating on the stock.
The analysts wrote, “COV reported their FQ2 (March) with revenues up 6% (CC) and adjusted EPS up 13%, slightly beating us and consensus estimates. The strength in the business came from the medical device division (up 7% CC and representing 68% of total sales). The Energy (up 14%) and Vascular (up 17%) divisions contributed most of the growth. While emerging markets revenues (~9% of overall revenues) were up 14%, the growth was shy of the rate needed to meet management’s goal of doubling in the next 3-4 years. COV stock has performed well this year, up 22% YTD. For the remainder of the year we continue to believe that COV’s risk profile is low, while the market outperformance will likely moderate off its strong early rate.”
Shares of Covidien plc traded down 0.20% during mid-day trading on Monday, hitting $55.23. Covidien plc has a 52 week low of $41.35 and a 52 week high of $57.65. The company has a market cap of $26.695 billion and a P/E ratio of 14.12.
The company last announced its quarterly results on Friday, April 27th. It reported $1.05 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $1.03 EPS by $0.02. The company’s quarterly revenue was up 5.2% on a year-over-year basis. On average, analysts predict that Covidien plc will post $1.07 earnings per share next quarter.
A number of other analysts have also recently weighed in on COV. Analysts at Zacks reiterated a “neutral” rating on shares of Covidien plc in a research note to investors on Monday. They now have a $58.00 price target on the stock. Separately, analysts at Bank of America (NYSE: BAC) raised their price target on shares of Covidien plc from $61.00 to $64.00 in a research note to investors on Monday. They now have a “buy” rating on the stock. Finally, analysts at Morgan Stanley (NYSE: MS) raised their price target on shares of Covidien plc from $56.00 to $61.00 in a research note to investors on Monday.
Covidien Public Limited Company is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings.