UPDATE: Citigroup Raises Target to $37 on St Jude Medical

Citigroup maintains its Sell rating on St Jude Medical

as 4Q detail shows continued weakness, but raises its price target by $1 to $37 on modest revisions in outlook. Citigroup comments, "STJ appears to be on the upswing again even as guidance arrived below the Street on hopes of Quartet share gains. 1Q guidance certainly doesn't suggest a swing in share and we expect a flat organic performance in CRM which represents over 50% of sales. ...Our target moves to $37 with modest revisions to our EPS outlook (see summary table, below) and slightly higher peer multiples." STJ closed at $40.30 a share yesterday.