St. Jude Shares Moving Higher as Wells Fargo Upgraded to Outperform, Valuation Range Raised to $61-62

St. Jude Medical

received an earlier upgrade from Market Perform to Outperform at Wells Fargo. The firm boosted the stock's valuation range from $52-53 to $61-62. Wells Fargo believes there is a "good chance" the FDA advisory panel will announce positive news for CardioMEMS given support from the medical community. The panel failed to grant approval for the implantable heart device when it last met to discuss the product in December 2011. If approval is granted, Wells Fargo believes CardioMEMS could generate revenue of $259 million by 2017, increasing EPS by aroudn 5 percent. Shares of St. Jude are up 1.2 percent to $53.97 at last check.