J.P. Morgan Maintains Overweight on St. Jude Medical

J.P. Morgan is out with its report today on St. Jude Medical (NYSE: STJ), maintaining Overweight.

In a note to clients, J.P. Morgan writes, "We view St. Jude as the best growth story in large-cap MedTech, with the potential to post a sustainable 7% top-line CAGR over the next 3-5 years driven by 1) continued strength from the company's AFib and Neuro segments, 2) meaningful product launches in CRM, and 3) entry into new cardiovascular market opportunities. Combined with significant leverage potential at the gross margin, SG&A, and tax lines, this should allow St. Jude to drive earnings growth in excess of 13% through 2014."

J.P. Morgan maintains a $57 PT on STJ.

At the time of posting, shares of STJ were trading pre-market at $47.55, down 2.30% from Wednesday's close.