J.P. Morgan Adding St Jude Medical to JPM Focus List

J.P. Morgan Chase & Co. is out with a research report on St. Jude Medical STJ, and it has an Overweight rating and a $57 price target on shares. It is also adding shares to the JPM Focus List. In a note to clients, J.P. Morgan Chase & Co. writes, "We're reiterating our Overweight rating and adding St. Jude to the J.P. Morgan Focus List this morning. Yesterday's 2Q results and the lowering of 2H guidance was in our view a clearing event for the stock. The US ICD market has yet to stabilize, but this is now well reflected in management guidance and for the first time in months the Street can look past CRM and start to focus on the new product and new market driven growth acceleration story on tap for 2012. We see several catalysts into year-end and would be buyers of the stock at current levels." Shares of STJ gained 99 cents yesterday to close at $47.81, a gain of 2.11%.