Medtronic says inversion does not change tax rate 'much' Medtronic (MDT) says its blended rate with Covidien (COV) would be "slightly" lower. Medtronic says that its proposed deal would give it more flexibility for its cash and that it will review its shareholder return options. Medtronic repeated its view that its proposed Covidien deal will add to its EPS. Comments from Medtronic CFO Gary Ellis speaking at the Wells Fargo Healthcare conference.
St. Jude Medical downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo downgraded St. Jude Medical (STJ) to Market Perform saying competitive pressures will drive 2015 market share losses in the company's cardiac rhythm management business, which represents 50% of total sales. Wells believes the launch of CardioMEMS will not be strong enough to offset the headwinds in CRM unit. The firm thinks Boston Scientific's (BSX) earlier than expected approval for its next generation subcutaneous implantable cardioverter-defibrillator called Emblem will drive share gains against St. Jude and Medtronic (MDT) in the single chamber ICD market. Wells cut its price target range for St. Jude shares to $69-$70 from $73-$74. The medical technology company closed yesterday down $2.01 to $65.45.