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BMO Capital Markets downgraded St. Jude Medical, Inc.
STJ from Outperform to Market Perform and raised the price target from $38.00 to $40.00.
BMO Capital Markets commented, "STJ announced preliminary 4Q12 results, delivering revenue in line with consensus, and raising EPS guidance. Given the rebound in the stock, with 4Q12 guidance delivered (and EPS beat) and the $1B share repurchase program well under way, we are downgrading shares of STJ to Market Perform from Outperform, while raising our PT slightly, to $40 from $38. … STJ has rebounded from its November 21 low of $30.25, but with the 4Q12 delivered and a $1 billion share repurchase program well under way, we are stepping aside as we suspect that the lack of near-term catalysts will limit outperformance versus the group."
St. Jude Medical closed at $37.30 on Wednesday.
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