Covidien Upgraded to “Buy” at Goldman Sachs (COV)

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Healthcare products maker Covidien plc ( COV ) on Tuesday caught a big upgrade from analysts at Goldman Sachs.

The firm said it boosted its rating on COV from "Neutral" to "Buy" and raised its price target from $49 to $53. That new target implies a 22% upside from the stock's Monday closing price of $43.39.

Goldman noted that procedure volumes appear to be stabilizing, and sees limited downside potential for the stock, despite growth trailing the historical trend in the near term.

Covidien shares rose 38 cents, or +0.9%, in premarket trading Tuesday.

The Bottom Line
Shares of Covidien plc ( COV ) have a 1.84% dividend yield, based on last night's closing stock price of $43.39. The stock has technical support in the $39-$40 price area. If the shares can firm up, we see overhead resistance around the $45-$46 price levels.

Covidien plc ( COV ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: COV

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