NEW YORK (TheStreet) -- Shares of St. Jude Medical (STJ) are increasing 0.35% to $73.93 after analysts at Evercore ISI initiated coverage of the medical technology company with a "hold" rating and a price target of $78.50.
The firm's price target indicates a potential upside of 6.53% from the company's current price.
The action comes after the company released its first quarter results last month. It reported revenue of $1.35 billion, or 93 cents earnings per share, compared to revenue of $1.36 billion, or 96 earnings per share in the same period the previous year.
While revenue was slightly down 1.3% from the same period last year, the company beat Thomson Reuters consensus estimate of 91 cents per share on revenue of $1.31 billion.
TheStreet Ratings team rates ST JUDE MEDICAL INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate ST JUDE MEDICAL INC (STJ) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, notable return on equity, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company shows weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: