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UPDATE: Citigroup Reiterates Neutral Rating, Raises PT for Boston Scientific

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In a company update published earlier today, Citigroup Inc. reiterated its Neutral rating for the Boston Scientific Corporation (NYSE: BSX) and slightly raised its price target from $6.30 to $6.50.

Citigroup went on to say “In March 2004, Boston Scientific entered an unprecedented new product cycle for a large-capital medical technology company with the U.S. launch of the TAXUS stent. In an attempt to offset a slowing growth profile, Boston Scientific made a bold bid to acquire Guidant for $80 per share. Boston significantly overpaid for Guidant, which has led to significant earnings dilution and a high debt load, in our view. More recently, a slow recovery for the ICD business and launch of next-generation Promus drug-eluting stent have pressured gross margins, which should only abate when the in-house manufactured Promus Element reaches the US in mid-2012. Liquidity issues remain an overhang with significant debt overhang and unsettled legal issues.”

Boston Scientific Corporation closed yesterday at $6.31.

Latest Ratings for BSX

DateFirmActionFromTo
Mar 2016NomuraInitiates Coverage onBuy
Feb 2016SunTrust Robinson HumphreyInitiates Coverage onBuy
Nov 2015CitigroupInitiates Coverage onBuy

View More Analyst Ratings for BSX
View the Latest Analyst Ratings

Posted-In: Citigroup Inc.Analyst Color Price Target Reiteration Analyst Ratings

 

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