UPDATE: Goldman Sachs Upgrades St. Jude Medical; Raises PT

According to a research report published this morning, Goldman Sachs has upgraded St. Jude Medical

from Neutral to Buy, and increased PT from $45 to $50. Goldman Sachs commented in the report, "Share gains in core markets and entrance into new therapeutic categories should support accelerating organic revenue growth through 2015. LTM, STJ has underperformed the S&P 500 by 2,600 bp as a result of weakening end-markets, regulatory delays, and product quality concerns. We now see these headwinds dissipating with focus turning back to the longer-term product cycle. An improving top-line outlook should yield upward EPS forecast revisions and subsequent P/E multiple expansion." St. Jude Medical closed Friday at $38.88.