It was relatively easy to like St. Jude Medical (STJ)
in the low-to-mid $30s, but a sustained rally since late November has
taken away a lot of this company's relative discount. Now St. Jude faces
many of the same problems as most other large med-tech companies -
stressed and slow-growing major markets and potentially abundant
competition in emerging higher-growth markets. Although these shares are
not especially expensive, investors should temper their expectations at
these prices.
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St. Jude's Rally Has Taken Away The Easy Money
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