Credit Suisse Upgrades St. Jude Medical (STJ) to Outperform

Credit Suisse upgraded St. Jude Medical (NYSE: STJ) from Neutral to Outperform with a price target of $84.00 (from $74.00) on Bullish LT CardioMEMS view.

Analyst B. Nudell commented, "We're upgrading STJ to Outperform from Neutral given our view that MDT's US ICD share gains will likely abate by mid-15 (based on feedback from MDT at ACC) & also due to our favorable long-term view on CardioMEMS (supported by our survey published in March, STJ's 1Q CardioMEMS performance & commentary on yesterday's earnings call)."

He continued, "We're raising our 2015/16 CardioMEMS estimates slightly to $84M/$133M from $77M/$129M (also updating our 2015 sales/EPS estimates to $5.49B (4.6% CC, 5.6% CC ex added week in 2014)/$3.94 from $5.47B (3.9% CC, 4.9% ex added week in 2014)/$3.96) but believe there could be meaningful upside to our CardioMEMS estimates & consensus "

For an analyst ratings summary and ratings history on St. Jude Medical click here. For more ratings news on St. Jude Medical click here.

Shares of St. Jude Medical closed at $73.55 yesterday.

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