Canaccord Genuity Upgrades St. Jude Medical (STJ) to Buy; Favorable Risk/Reward + Guidance Seems Conservative

Canaccord Genuity upgraded St. Jude Medical (NYSE: STJ) from Hold to Buy, price target raised from $42 to $50.

Analyst, Jason R. Mills, said, "Management’s 2012 earnings guidance ($3.43-3.48) seems conservative to us in light of some signs of stabilization in the global CRM market, not to mention a strong pipeline of exciting new products. All in, we see upside to F2012 EPS guidance. Furthermore, we think the company can modestly accelerate both top-and bottom-line growth rates in 2013. We also think next week’s analyst day could be a catalyst for shares, as we expect more details about pipeline initiatives (TAVI, renal denervation, PFO closure, LAA exclusion, DBS, MediGuide AF, etc.), CRM competitive strategies to gain share, and operating initiatives, including gross margin leverage over the long term."

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 $40.30 yesterday.

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