The new price target comes after the St. Paul, MN-based medical device company posted better-than-expected results for the 2016 first quarter yesterday.
The company reported adjusted earnings of 90 cents per share, surpassing analysts' estimates of 88 cents per share. Net sales were $1.45 billion, which beat Wall Street's estimates of $1.43 billion.
"We anticipate continued strong growth in HF, Neuro, and Cardio and improving results for CRM through the year as STJ receives additional product approvals to help its top-line progress and the stock to work," Barclays wrote in a note.
Shares of St. Jude Medical closed at $60.94 on Wednesday.
Separately, TheStreet Ratings Team has a Hold rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed.
The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and expanding profit margins.
However, as a counter to these strengths, the team also finds weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: STJ