UPDATE: Deutsche Bank Reduces PT to $47 on St. Jude Medical on Moderated CRM Expectations

Deutsche Bank maintained its Buy rating on St. Jude Medical

and reduced its price target from $49 to $47. Deutsche Bank said, "The market's focus going into earnings had been on the ICD business given the lead concerns. The US ICD sales were better than expected which was a relief to us. However, the market concerns extended to mgmt's moderated expectations for the CRM market, its share assumptions, softness in Europe, and as such reduced expectations for sales. STJ expect to absorb the non-FX portion of the sales reduction impact to EPS and EPS guidance reflected just the FX impact. All said, ex the FX impact, we expect 10% EPS growth in 2012. We maintain our Buy given the valuation and our view CRM can stabilize and the pipeline can accelerate growth." St. Jude Medical closed at $37.75 on Wednesday.