St. Jude Medical's growth drivers and valuation are concerns, says Canaccord Canaccord has increased concerns following St. Jude's Q3 results and management commentary. The analyst said management was less bullish regarding products and that gross margins were lower and more non-recurring expenses are expected in Q4. The firm views shares as overvalued relative to earnings expectations, poor organic growth drivers and slow-growth markets. Shares are Sell rated with a $42 price target, up from $40.
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