J.P. Morgan Reiterates St. Jude Medical Overweight (STJ)

J.P. Morgan reiterated its St. Jude Medical STJ Overweight rating and Top Pick status in a research report published today. J.P. Morgan has previously given St. Jude Medical a price target of $52. In the report, J.P. Morgan states, "If it wasn't apparent before Friday that St. Jude has the best pipeline in the sector, it should be now. And with several of these technologies new to investors and the vast majority not in Street models, growing appreciation of these opportunities should lead to increased confidence in St. Jude's ability to maintain its premium growth rate going forward. Along with continued upside to estimates, we expect this to drive meaningful stock outperformance over the next 12-24 months. With STJ shares trading at just 11.1x our 2012 EPS estimate, closer to the likes of JNJ than the 13-14x multiples enjoyed by its higher growth peers, we continue to view St. Jude as the most mispriced stock in our large-cap group and reiterate our Overweight rating and Top Pick status." Shares of St. Jude Medical were at $41.98 in after hours trading at the time of posting, up 0.05% from Friday's market close.