Piper Jaffray initiates coverage on Covidien, Ltd. (COV) with a Neutral
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Piper Jaffray & Co. initiates coverage on Covidien, Ltd. (NYSE: COV) with a Neutral. Price target $41.
Piper analyst says, "We view 2009 as challenging for the stock, but not dissimilar from other larger cap medical technology companies. High foreign currency exposure (43% of sales) is likely to shave points from sales growth in the near term and operational improvements in the rest of the business are likely a few quarters away. Overall, we see COV as a longer term play on management's ability to create synergies from a portfolio of businesses and product lines."
"A spin-off from Tyco International (NYSE: TYC) in June 2007, COV is in a mode of divestiture, investment, and debt payoff. The company has made smart business decisions by shedding the low margin retail business and other marginal product lines. At the same time, COV has made a series of small, tuck-in acquisitions in the higher growth (and higher margin) area of surgical medical devices."
Covidien PLC, formerly Covidien Ltd, is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings.
To see more analyst ratings on COV Click Here.
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