Restructuring, Weak Dollar Prompts Wells Fargo to Upgrades St. Jude Medical (STJ) to Outperform

Analysts at Wells Fargo upgraded cardiovascular medical devices company, St. Jude Medical (NYSE: STJ) to Outperform from Market Perform. St. Jude Medical stock has been extremely resilient despite safety concerns with its Riata/Durata ICD leads.

Analysts said the noise level on Durata should subside over the next 6-9 months and lofty expectations for its pipeline have come down but several near-term pipeline products should contribute in 2013. Additionally the recent restructuring and a weaker dollar should lead to upside potential in the second half of 2012 and 2013.

Analysts increased their price target on STJ to $49.00 to $50.00 from $40.00 to $41.00.

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 $42.90 yesterday.

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