Mizuho downgraded St. Jude Medical (
) to Neutral on Wednesday, and issued a new price target of $45 per
share. Analysts expressed concern that the company may lose market
share in coming quarters.
Headquartered in St. Paul, Minnesota, St. Jude Medical develops
medical technology and services designed for treating cardiac and
neurological patients. The stock has been showing strength so far
in 2012, rising about 25% year-to-date.
The downgrade on the heels of an upgrade of STJ from Wells
Fargo, which recently upgraded from Market Perform to Outperform.
Wells Fargo analysts cited a stabilizing ICD market and a weaker
dollar in its decision to upgrade.
Shares of (
) closed just below the $43 level on Tuesday, indicating limited
upside to the revised Mizuho target.
The Bottom Line
Shares of St.Jude Medical (
) have a 2.14% dividend yield, based on last night's closing stock
price of $42.98. The stock has technical support in the $38-$40
price area. If the shares can firm up, we see overhead resistance
around the $45-$47 price levels.
St. Jude Medical (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.2 out of 5 stars.
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