UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT for St. Jude Medical

In a daily letter published earlier today, Canaccord Genuity reiterated its Buy rating for St. Jude Medical, Inc.

and raised its price target from $45.00 to $50.00. Canaccord went on to say “We recommend adding to positions in STJ. Just prior to the market close on Friday, STJ announced it had finished its analysis of the Durata lead externalization that was recorded in FDA's MAUDE database a few weeks ago and caused serious consternation among investors. After assessing the lead in question, STJ concluded the failure was related to external abrasion resulting from contact with another lead or a calcified heart valve – both of which occur with all companies' lead systems from time to time. Ergo, this type of externalization does not relate to the infamous Riata lead recall. We increase our target to $50 from $45.” St. Jude Medical, Inc. closed on Friday at $37.90.