Wells Fargo ups St. Jude Medical (STJ +0.4%) to Outperform on valuation this morning, saying the...

|About: St. Jude Medical, Inc. (STJ)|By:, SA News Editor

Wells Fargo ups St. Jude Medical (STJ +0.4%) to Outperform on valuation this morning, saying the government's investigations into off-label use of implantable cardioverter-defibrillators - like St. Jude's Riata and Durata devices - are nearly done. The investigation caused an 12% drop in the overall U.S. ICD market in 2011, which makes up a big chunk of STJ's total sales. Despite safety concerns about the devices, however, Wells says the company has maintained its market share.