UPDATE: Credit Suisse Upgrades St. Jude Medical to Outperform on Durata Outlook
Credit Suisse upgraded St. Jude Medical (NYSE: STJ) 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.
Latest Ratings for STJ
|Mar 2015||Wells Fargo||Downgrades||Outperform||Market Perform|
|Mar 2015||Credit Suisse||Downgrades||Outperform||Underperform|
|Feb 2015||Credit Suisse||Downgrades||Outperform||Underperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.