Wells Fargo Downgrades STJ To Market Perform From Outperform

Wells Fargo is downgrading St. Jude Medical, Inc. (NYSE: STJ) to Market Perform from Outperform “because we expect the US ICD market to suffer from a near-term reduction in implants of about 10% due to the announcement by the Heart Rhythm Society (HRS) on January 20th that it is advising the Department of Justice (DOJ) in its investigation of ICD implants.”

“We think the HRS announcement of the DOJ investigation will lead physicians to more carefully select patients to ensure their ICD patients fall within the guidelines,” Wells Fargo writes.

St. Jude Medical currently trades at $41.63.