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CIBC World Keeps Strong Buy on St. Jude Medical

A jury awarded Guidant Corp. (GDT) $140 million in a patent infringement case brought against St. Jude Medical (SJT) by Guidant. CIBC World reiterated its strong buy rating on St. Jude shares.

Analyst John Calcagnini says the jury found St. Jude infringed Patent 472 related to external programmability of an ICD (implantable cardioverter defibrillator). At the same time, the jury ruled that St. Jude did not infringe Patent 288. Calcagnini remains positive on St. Jude. He notes the company will appeal the jury's decision on the basis of the invalidity of the 472 patent; also, no monies will change hands until all appeals are exhausted. Even if the verdict stands, Calcagnini does not see any change in his EPS estimates of $2.19 for 2001 and $2.55 for 2002. He has a $76 price target on St. Jude shares.

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