UBS Downgrades St. Jude Medical (STJ) to Neutral

(Updated)

UBS downgraded St. Jude Medical (NYSE: STJ) from Buy to Neutral.

Analyst Matt Miksic said, "We expect the stock to trade primarily on the deal price and less on the fundamentals going forward. The transaction is expected to close in 4Q16, subject to approval by STJ shareholders and customary closing conditions. Our overall view of the deal from the ABT perspective is that it makes strategic sense, although the plusses (accretion) and minuses (debt+equity financing) leave us more or less in the same place on the stock (we remain Neutral on ABT)."

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 $75.68 yesterday.

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