UPDATE: Credit Suisse Upgrades St. Jude Medical to Outperform on Durata Outlook

Credit Suisse upgraded St. Jude Medical

from Neutral to Outperform and raised the price target from $43.00 to $48.00. Credit Suisse noted, "Since Riata (STJ's recalled defib lead) failure reports began to circulate widely in 8/10, concerns about Durata's reliability (STJ's current defib lead) have weighed on STJ's valuation. While Durata concerns are likely to persist near-term, we came away from STJ's investor day impressed by the company's confidence in Durata and its optimism about the May HRS conference where STJ expects to see multiple favorable Durata studies." St. Jude Medical closed at $41.17 on Friday.