Piper Jaffray: St. Jude's Growth to Accelerate

According to a research report published today, Piper Jaffray attended the 2012 St. Jude Medical (NYSE: STJ) Investor Meeting on Friday and came away confident that earnings will grow in 2012 and beyond.

In the report, Piper Jaffray commented, “We view STJ's 2012 guidance for 4-7% organic sales growth as achievable, if not beatable, and believe STJ is headed for higher than guided top-line growth in '13 and beyond. In addition, management sees the opportunity for earnings leverage on top of expanding revenue growth, and we believe this is likely to lead to multiple expansion for STJ shares.”

Piper Jaffray reiterates its Overweight rating and $52 PT on St. Jude, which closed Friday at $42.51.