Market Overview

Piper Jaffray Reiterates Overweight, $52 Target on St Jude Medical

Piper Jaffray maintains its Overweight rating and $52 target price on St Jude Medical (NYSE: STJ) as it believes Riata concerns are not materially impactful on the company's ICD market share.

Piper Jaffray says, "We listened to the Heart Rhythm Society (HRS) Webinar on Riata and came away more confident that the ICD market share for STJ is likely to be unaffected by the recent FDA recall. We believe recent weakness provides a compelling entry and we would continue to be buyers of the stock. ...HRS panelists supported the view that the problem appears most severe with the 8F Riata silicone leads (and not the more widely prevalent 7F Riata leads), and importantly, that the Durata redesign likely eliminates the substantial risk of externalization."

STJ closed at $33.67 per share on Wednesday.

Posted-In: Piper JaffrayReiteration Pre-Market Outlook Markets Analyst Ratings

 

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