Markets & Finance

CIBC Cuts St. Jude Medical to 'Sector Perform'


CIBC World downgraded St. Jude Medical (STJ) to sector perform from outperform.

Analyst John Calcagnini says St. Jude may trade lower in the near term, based on his expectation that second-quarter results will be only in line with estimates. Also, the implantable cardioverter defibrillator business is likely starting to feel pinch from cardiac resynchronization therapy devices from rivals Medtronic and Guidant.

Calcagnini adds that St. Jude seems to be suggesting its EPIC HF product may be launched in mid-2004, instead of at the start of 2004; he notes he's concerned about the stock in the interim period. Finally, he says the medical-device maker slightly exceeded his $59 target Wednesday. He believes St. Jude is on track to post 43 cents second-quarter earnings per share on $492 million revenue.


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