Citi Maintains 'Buy' on Covidien Ltd (COV), Lowers Price Target
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Citi maintains a 'Buy' on Covidien Ltd (NYSE: COV), but lowers price target from $52 to $48.
Citi analyst says, "Strong FQ4 results were overshadowed by a larger-than-expected impact to F2009 guidance due to FX translations. While surprising, the new guidance removes a lingering overhang, and fundamental growth was unchanged...The initial knee-jerk reaction to the large impact from FX to sales and EPS underscored the pre-results concern surrounding an expected revision. While we still consider the 6% FX headwind aggressive, organic sales growth of +6-9% remains reasonable...Even though FX is driving another cut to our F09 estimates, the Q4 results and underlying fundamental expectations support our view that COV deserves a group multiple of 14x."
Covidien Ltd. (Covidien) is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings.
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