Barclays Maintains St. Jude's PT & Rating
Barclays released a report Friday maintaining its Overweight rating of St. Jude Medical (NYSE: STJ) and $48 PT.
In the report, Barclays stated, "[While] we understand the concerns around Durata, we continue to think that STJ's registry data shows that Durata performs well at 5 years vs. Endotak and Quattro. Further, data on rates of failure for Optim leads with active follow up is strong on a number of metrics including all cause failure, and all cause abrasions. We believe Durata concerns will continue to be an overhang for STJ and view data points from Dr. Hauser and others as an ongoing source of volatility. However, STJ is seeing small lead share losses and continues to be a net share-gainer in the CRM market. While the future of Durata performance remains to be seen, we think that Durata will turn out to be a reasonably safe lead over the long term. We reiterate our OW rating on shares of STJ and provide EPS sensitivity to ICD share loss in this note."
St. Jude Medical traded around $37.45 Friday, up near 9.15 percent year-to-date.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.