Citi Maintains Sell on St. Jude Medical

Citi is out with its report today on St. Jude Medical STJ, maintaining Sell. In a note to clients, Citi writes, "2Q11 results made it clear to us that bullish commentary on share gains and new products is not going to drive results anytime soon with 55% of sales tied to a struggling CRM market. Even after lowering expectations, we still believe 2011 guidance is too high." Citi maintains a $41 PT on STJ. Shares of STJ closed Wednesday at $47.81.