Canaccord Reiterates Hold, $42 Target on St Jude Medical

Canaccord maintains its Hold rating and $42 target on St Jude Medical, Inc.

as Quadra gains FDA approval and Riata is updated in doctor letters. Canaccord says, “We continue to model '11 and '12 CRM sales growth of 1% and 2%, respectively, which would constrain overall top-line growth as CRM is >50% of sales. That said, STJ has a robust pipeline (e.g., CardioMems, TAVI); ergo successful, on-time launches could improve top-line growth relative to our current targets in out years.” STJ closed at $35.69 per share on Tuesday.