UPDATE: Citi Lowers PT to $5.70 on Boston Scientific

A report from Citi reiterates its Neutral rating and lowers its price target from $6 to $5.70 on Boston Scientific (NYSE: BSX).

The report states, “BSX received FDA approval for the Promus Element yesterday – earlier than guidance and 4-6 months ahead of our expectations. Unfortunately, this earlier approval and corresponding GM benefit is largely needed to maintain our EPS forecasts as sales pressure continues and BSX's planned cost improvements in 2012 are unlikely to materialize.”

BSX closed yesterday at $5.31.