St. Jude Medical (STJ) Risk from Dear Doctor Letter is Limited, Cowen Says
- Wall Street dips as Verizon drags; AmEx curbs losses
- AT&T (T) Said to Discuss Idea of Takeover in Time Warner (TWX) Meetings
- UPDATE: Qualcomm (QCOM), NXP Semiconductors (NXPI) Deal Could be Announced Next Week - Bloomberg
- Tesla (TSLA) Announces Self-Driving Hardware for All Vehicles in Production; Includes Model 3
- Walgreens Boots Alliance (WBA) Tops Q4 EPS by 8c; Guides FY17 EPS
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Muddy Waters Post Video of St. Jude Medical (STJ) Device Hacks
- Roth Affirms Applied Genetic Tech (AGTC) at 'Neutral' Amid CNGA3 IND Filing; Application Expands Present Pipeline
- Cowen Lifts PT on Lam Research (LRCX) to $100; Notes Strong Qtr., But WFE Run-Rate Not Sustainable
Create E-mail Alert Related CategoriesAnalyst Comments, FDA, Short Sales, Trader Talk
Related EntitiesCowen & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!