St. Jude Medical Upgraded to “Buy” at Goldman Sachs (STJ)


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Medical device maker St. Jude Medical, Inc. ( STJ ) on Monday caught a big upgrade from analysts at Goldman Sachs.

The firm boosted its rating on STJ from "Neutral" to "Buy" while lifting its price target from $45 to $50. That new target suggests a massive 29% upside to the stock's Friday closing price of $38.88.

A Goldman analyst noted that "Share gains in core markets and entrance into new therapeutic categories should support accelerating organic revenue growth through 2015." Accordingly, the firm lifted its earnings estimates for the company through 2014.

St. Jude Medical shares were unchanged in premarket trading Monday.

The Bottom Line
Shares of St. Jude Medical ( STJ ) have a 2.37% dividend yield, based on Friday's closing stock price of $38.88. The stock has technical support in the $34-$35 price area. If the shares can firm up, we see overhead resistance around the $41-$42 price levels.

St. Jude Medical, Inc. ( STJ ) is not recommended at this time, holding a DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Stocks

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