St. Jude Medical Inc.: Morgan Joseph equity analyst Bruce Jackson maintained a buy rating and $52 price target on shares of St. Jude Medical Inc. (STJ) on May 13.
In a note, Jackson said the maker of devices to treat irregular heartbeats has announced a number of new product releases this week ahead of the annual meeting of the Heart Rhythm Society that started May 12 in Denver. Jackson said these new products will provide St. Jude with "ample opportunity" to showcase its latest product technologies that he believes can differentiate the company in the market and serve as the basis for further market share gains, giving him "increased confidence" in his estimates.
Jackson noted that on May 12 the company announced FDA approval and the first implant of the Unify CRT-D and the Fortify ICD, its latest technology for implantable cardioverter defibrillators. He also said that on May 11 St. Jude announced the European launch of its Promote Quadra cardiac resynchronization therapy defibrillator, the industry's first quadripolar pacing system to reach the market.
A number of late-breaking clinical trial results were scheduled for presentation on May 13 and 14, the analyst said.