UPDATE: Jefferies Reiterates Hold Rating, Raises PT on St. Jude Medical on Tepid 1Q Results

In a report published Thursday, Jefferies analyst Raj Denhoy reiterated a Hold rating on St. Jude Medical

, and raised the price target from $39.00 to $42.00. In the report, Denhoy noted, “1Q sales were a bit light despite modestly better ICDs as all other businesses underperformed, most notably international pacemakers. While the top line is expected to accelerate over the balance of the year versus just -3% cc in 1Q as new products are launched, weak core markets will continue to weigh on growth. Absent negative Durata news, downside appears limited as tepid growth is balanced with earnings support, keeping us at Hold.” St. Jude Medical closed on Wednesday at $42.14.