Deutsche Bank Maintains Hold on St. Jude Medical (STJ)

Deutsche Bank is out with its report today on St. Jude Medical STJ, maintaining Hold and a $45 price target. In its report, Deutsche Bank notes, "STJ's 2011 sales growth goals of 10%-13% (6%-9% organic) was above Consensus, but market seemed disappointed by 8%-10% EPS growth target. Higher R&D spending depresses EPS by 3%-pts. Sales targets may be challenging given CRM market trends and MDT's product launches. In our view, higher R&D reflects need to diversify away from CRM, a possible longer term positive. We await the Feb 4 analyst day to gain further insights and confidence on pipeline. Given CRM exposure and valuation, maintain Hold." Shares of STJ closed Wednesday at $42.15.