Piper Jaffray Maintains OW Rating, $52 PT On STJ

St. Jude Medical Inc. STJ hosted an upbeat investor meeting this past Friday in New York and outlined its growth initiatives for 2011 and beyond. “The company highlighted 18 new growth platforms which management estimates address markets that in aggregate exceed $14B in potential opportunity,” Piper Jaffray writes. “While we suspect not all of the projects will play out as planned, even if a handful are successful, they should provide St. Jude with solid top and bottom line growth prospects for years to come. Given its current product portfolio and R&D pipeline, St. Jude appears well positioned to be one of the fastest growing big-cap med tech stocks. We maintain our Overweight rating on St. Jude with a price target of $52 (~14x our C12 EPS est. of $3.70).” St. Jude Medical Inc. closed Friday at $41.96.