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Fly News Breaks for January 19, 2016
MDT, STJ
Jan 19, 2016 | 07:15 EDT
Wells Fargo analyst Larry Biegelsen downgraded St. Jude Medical to Market Perform saying product gaps in the cardiac rhythm management business and headwinds facing CardioMEMS will make for a challenging 2016. Further, upcoming data from the study comparing Medtronic's (MDT) cryoballoon to St. Jude's RF ablation represents an "underappreciated risk" to St. Jude's atrial fibrillation business, Biegelsen tells investors in a research note. He cut his price target range for the shares to $57-$58 from $72-$73.
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