St. Jude Medical (STJ) Risk from Dear Doctor Letter is Limited, Cowen Says

October 11, 2016 9:45 AM EDT
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Price: $80.82 --0%

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    10 Buy, 22 Hold, 1 Sell

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Cowen analyst Joshua Jennings weighed in on St. Jude Medical (NYSE: STJ) after the company issued a voluntary medical device advisory relating to a low rate of premature battery depletion in the high voltage portfolio (ICDs and CRT-Ds).

"Although these Dear Doctor letters are never a positive, it is common in the Cardiac Rhythm Management industry," Jennings said. "We see the risk to STJ's franchise as limited. We still anticipate that the ABT/ STJ transaction will close by the end of the year."

The firm maintained a Outperform rating and price target of $85

For an analyst ratings summary and ratings history on St. Jude Medical click here. For more ratings news on St. Jude Medical click here.

Shares of St. Jude Medical closed at $81.28 yesterday.

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