Canaccord Reiterates Hold, $42 Target on St Jude Medical

Canaccord maintains its Hold rating and $42 target on St Jude Medical, Inc. (NYSE: STJ) as Quadra gains FDA approval and Riata is updated in doctor letters.

Canaccord says, “We continue to model '11 and '12 CRM sales growth of 1% and 2%, respectively, which would constrain overall top-line growth as CRM is >50% of sales. That said, STJ has a robust pipeline (e.g., CardioMems, TAVI); ergo successful, on-time launches could improve top-line growth relative to our current targets in out years.” STJ closed at $35.69 per share on Tuesday.