Deutsche Cuts Price Target on St. Jude Medical (STJ) Due to Weakness in Euro
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Price: $80.82 --0%
Rating Summary:
3 Buy, 21 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
3 Buy, 21 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Deutsche Bank is reaffirming its Buy rating on shares of St. Jude Medical (NYSE: STJ), but is reducing its price target from $50 to $46.
The firm reports the new price target reflects the weakness in the Euro and is based off of its new fiscal 2012 EPS estimate of $3.50, lower than its previous estimate of $3.56. Deutsche is expecting fiscal 2012 will be a tougher year for the company as products within its pipeline begin to launch. The new products are expected to help drive growth through 2013.
An analyst at Deutsche comments, "The FDA issued a formal classification of St. Jude's voluntary Physician Advisory Letter from Nov 28 on the Riata/Riata ST leads as a Class I recall. We believe Riata concerns will remain an overhang on the stock in the near term as physicians and the Street digest available data. However, STJ recently received FDA approval for Unify Quadra, which should strengthen its share position and help offset some ASP pressures given it will be marketed at a price premium."
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 $33.60 yesterday.
The firm reports the new price target reflects the weakness in the Euro and is based off of its new fiscal 2012 EPS estimate of $3.50, lower than its previous estimate of $3.56. Deutsche is expecting fiscal 2012 will be a tougher year for the company as products within its pipeline begin to launch. The new products are expected to help drive growth through 2013.
An analyst at Deutsche comments, "The FDA issued a formal classification of St. Jude's voluntary Physician Advisory Letter from Nov 28 on the Riata/Riata ST leads as a Class I recall. We believe Riata concerns will remain an overhang on the stock in the near term as physicians and the Street digest available data. However, STJ recently received FDA approval for Unify Quadra, which should strengthen its share position and help offset some ASP pressures given it will be marketed at a price premium."
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 $33.60 yesterday.
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