UPDATE: Canaccord Genuity Downgrades St. Jude Medical to Hold on Declining Lead ICD Share

Canaccord Genuity reduced its rating on St. Jude Medical

from Buy to Hold and reduced its price target from $50 to $43. Canaccord Genuity commented, "We downgrade our rating on STJ from Buy to HOLD. We reduce our Q4:12 and 2013 estimates largely to reflect an expectation for a more moderate rebound in the company's CRM business. We are concerned about continued decline in ICD lead share, coupled with the potential for a Warning Letter from FDA at the company's Sylmar CRM facility, both of which more than offset our optimism regarding incremental sales growth potential in 2013 in structural heart (Portico TAVI, PFO), vascular (FFR/OCT) and AF (MediGuide)." St. Jude Medical closed at $43 on Wednesday.