Deutsche Bank Has Buy Rating On St. Jude After Earnings (STJ)

Deutsche Bank has a Buy rating and a $57 price target on shares of St. Jude Medical, Inc. STJ after it reported earnings. In a note to investors, Deutsche Bank writes, "DB Take: Sales were in line, but remember things should improve as the US new product launches are to ramp throughout year. Thesis in-tact. We rate STJ Buy. St. Jude's sales of $1.376B (up 9%) were in line w/ FC $1.377B slightly below DBe $1.385B but within guidance of $1.320-$1.385B. EPS of $0.80 were above FC & DBe of $0.78 and guidance of $0.77-$0.79. Gross margins were better than expected (a plus given recent trends), SG&A higher (likely investment spending ahead of launches), tax rate lower. All in, a high quality beat." Shares of STJ are up $1.00 in pre-market trading to $52.00, a gain of nearly 2%.