St. Jude Medical (STJ) Risk from Dear Doctor Letter is Limited, Cowen Says
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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
Shares of St. Jude Medical closed at $81.28 yesterday.
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