Jefferies Downgrades St. Jude Medical (STJ) to Hold

Jefferies downgraded St. Jude Medical (NYSE: STJ) from Buy to Hold with a price target of $38 (down form $40).

The firm comments, "In the span of several weeks, the growth story that was to be STJ in 2012 has faded. With CardioMEMS failing its FDA panel and with the drumbeat over Riata growing louder (as confirmed by our EP survey and a growing list of clinical presentations that are coming soon), growth in our model for 2012 has fallen from 6.7% to just 4.9%. We are lowering our price target to $38, 11x 2012 EPS, which no longer supports a Buy."

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 $34.96 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Jefferies upgrades Five Below to Buy, sees path to TJX-like re-rating
• RBC Capital Downgrades Accelerant Holdings (ARX) to Sector Perform
• Citizens Downgrades SoundThinking (SSTI) to Market Perform