Wedbush Raises PT On STJ To $46

Wedbush, citing a solid quarter on track with expectations, has raised its price target on St. Jude Medical STJ from $38 to $46. According to Wedbush, “St. Jude Medical reported first quarter results that reflected strong product sales, improving gross margins, and solid execution across all business lines. EPS of $0.80 (+7%) was above the guidance range and came in $0.02 better than our and Street's number. Sales of $1.376 billion grew 9% and were in line with expectations despite a $5 million shortfall from sales in Japan due to the aftermath of the earthquake and tsunami. The company provided Q2 guidance consistent with expectations and nudged up the full year outlook.” Wedbush maintains a Neutral rating on STJ. STJ closed at $53.11 yesterday.