UPDATE: Deutsche Bank Raises PT on Covidien to $61 (COV)

Deutsche Bank is out with its report today on Covidien (NYSE: COV), raising its PT from $60 to $61.

In a note to clients, Deutsche Bank writes, "All divisions came in better than expected, notably med devices and pharma. Organic growth looks to be around 4%-5%, an improvement off F1Q's 3% rate. Gross and operating margins were once again strong. Quality EPS beat by $0.04. We're raising our Fiscal 2011-12 EPS estimates to reflect the performance in 2Q, favorable FX rates, and operational performance. To reflect the higher EPS estimate, our price target is now $61 (v. $60). Trading at a discount to peers, we see value and rate COV Buy."

At the time of posting, shares of COV were trading at $54.87, down 0.13% from Thursday's close.