Barclays Maintains an 'Overweight' on Covidien Ltd (COV); Pharma Gone in 18 Months; Suitors May Follow

Barclays maintains an 'Overweight' on Covidien Ltd (NYSE: COV) price target of $57.00.

Barclays analyst says, "Given the protracted timeline of the spin, we suggest that COV could be pursuing a "dual-track" to attract potential strategic buyers through this move; while we are not ascribing a high probability to this, we would not be surprised if the business was ultimately sold. Net/net, we believe the spin-off is a good strategic move and expect COV to unlock value through the separation."

For an analyst ratings summary and ratings history on Covidien Ltd click here. For more ratings news on Covidien Ltd click here.

Shares of Covidien Ltd closed at $43.55 yesterday.

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