UPDATE: Jefferies Raises PT on St. Jude Medical from $38 to $40

Jefferies reiterated a Hold rating on St. Jude Medical STM and raised its price target from $38 to $40. Jefferies commented, “On balance STJ's 2Q wasn't positive. While U.S. ICDs outperformed, results were generally light in the other segments. In terms of the outlook, the company lowered guidance on FX but also tempered its expectations for a broad recovery in its end markets and importantly, lowered its outlook for share gains in CRM. With persistent concerns on Durata, a lackluster 2Q, and tempered guidance we see little to move us off our Hold rating.” St. Jude Medical closed at $37.75 on Wednesday.