JMP maintains St. Jude at strong buy

St. Jude Medical Inc. was maintained at strong buy with a target price of $55 by JMP Securities analyst Robert C. Faulkner after the company was served with a Boston Department of Justice subpoena. JMP said the company reported in an 8-K form filed with the Securities and Exchange Commission the subpoena is for "general industry practices related to pacemakers, ICDs, leads and related products." Faulkner said he believes newfound competitiveness, not unethical sales practices, is driving growth and that this event provides an attractive buying opportunity. Shares of the St. Paul, Minn.-based biotechnology company were down $0.67, or 1.39%, at $47.60 on volume of 1,753,100 versus the three-month running average of 2,099,320 shares.

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