Gabelli Has Buy on Covidien

Gabelli & Co. is out with a research report on Covidien Ltd (NYSE: COV) and it has a Buy rating on shares.

In a note to clients, Gabelli & Co. writes, "We are raising our 2012 EPS estimate by $0.05 to $4.30 per share, solely reflecting a lower tax rate. Covidien is maintaining strong momentum and benefiting significantly from past acquisitions and ongoing restructuring programs."

Shares of COV closed at $48.15 yesterday.