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

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.
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  • Jeremy Johnson, CFA
    , contributor
    Comments (789) | Send Message
     
    Riata/Durata is a lead for an ICD not an ICD itself. The brand names for the ICDs are Current, Ellipse and Fortify.
    19 Sep 2012, 11:23 AM Reply Like
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