Barclays Reiterates an 'Overweight' on St. Jude Medical (STJ); No New Info in FDA's Riata Classification

Barclays reiterates an 'Overweight' on St. Jude Medical (NYSE: STJ) price target of $51.00.

Barclays analyst says, "In response to the FDA's classification, HRS's former president noted that "no blanket statement can be made about clinical recommendations until more data is collected" and that "physicians should follow standard practice of care to manage patients with Riata silicone leads." Over the next few weeks there will be two public meetings scheduled to discuss Riata and associated clinical recommendations: a webinar sponsored by HRS on 12/21 (5-6:30 PM and available to the public for a fee), and a summit sponsored by the Minneapolis Heart Institute on 1/20/12 (9 AM - 5:30 PM and restricted to physicians/health professional who treat ICD patients). Net/net, we think the overall risk from concerns over Riata is manageable. At ~9.4x 2012 EPS, we view the shares of STJ as undervalued and reiterate our rating."

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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