Jefferies Has Buy on St. Jude Medical

Jefferies & Co. is out with a research report on St. Jude Medical (NYSE: STJ) and it has a Buy rating and a $44 price target on shares.

In a note to clients, Jefferies & Co. writes, "The website clinicaltrials.gov now shows a completion date of December 2011 for the trial evaluating St. Jude's Quartet lead; the previous completion date was July 2011. The change pushes approval of the device into 2012; based on the company's guidance, we had previously assumed an early 4Q11 launch. While we have not confirmed the new timing with St. Jude, a delay would remove approximately $25mn from 4Q revenue forecasts."

Shares of STJ lost $2.19 yesterday to close at $34.00, a loss of 6.05%.