Morgan Keegan Reiterates Outperform, $53 Target on St Jude Medical

In a research note, Morgan Keegan maintains its Outperform rating and $53 target price on St Jude Medical, Inc. STJ as approval of Quadripolar lead should help to continue CRM share gains. Morgan Keegan says, “Unify Quadra lead approved in US, will begin shipping immediately. With more flexibility in programming after implant, it should enable implant in the apex of the heart – gaining all of the benefits of this prime site while programming around the challenges normally encountered. This should be a strong positive for St Jude's CRT-D business, and when combined with the accelerating replacement cycle should allow the company to continue to take share from competitors Boston Scientific and Medtronic - the European experience has been positive.” STJ closed at $35.69 per share on Tuesday.