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J.P. Morgan Chase & Co. is out with a research report on St. Jude Medical
STJ and it has an Overweight rating and a $55 price target on shares.
In a note to clients, J.P. Morgan Chase & Co. writes, "For St. Jude, we are lowering our 4Q sales forecast by $4M to $1.398B (+3.5%), as higher ICD and pacemaker share partially offsets the general market weakness. There is no impact to our 2011 EPS forecast of $3.27 (+8.2%). In 2012, we now project EPS of $3.55 (+8.7%) on total revenues of $5.784B (+3.3%), down from $3.56 and $5.805B, respectively, before. In 2013-2015, we are lowering our EPS estimates by $0.04, $0.06, and $0.08. There is no impact to our $55 December 2012 price target."
Shares of STJ closed at $38.95 yesterday.
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