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Fulcrum Upgrades St. Jude Medical to 'Buy'

Fulcrum upgraded St. Jude Medical (STJ) to buy from neutral based on the preliminary government proposal for an increase in reimbursement rates for implantable cardiac defibrillators and pacemakers.

Analyst Dhulsini de Zoysa ups St. Jude Medical to buy from neutral on news that the Centers for Medicare & Medicaid Services (CMS) gave strong positive catalyst to cardiac rhythm management manufacturers. He says CMS' proposed reimbursement rates for fiscal year 2004 for implantable cardiac defibrillators (ICDs) and pacemakers was much better than thought.

He believes the reimbursement environment will encourage acceleration in the market's conversion to cardiac resynchronization devices for heart failure. He thinks this reimbursement environment supports acceleration in already-hot ICD market, where STJ stands to benefit.

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