Market Overview

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

Related BSX
Top 4 NYSE Stocks In The Medical Appliances & Equipment Industry With The Highest Revenue
Benzinga's Top Initiations

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
Jul 2014Sterne AgeeInitiates Coverage onNeutral
Jul 2014BarclaysMaintainsOverweight
Jul 2014JP MorganMaintainsNeutral

View More Analyst Ratings for BSX
View the Latest Analyst Ratings

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

 

Related Articles (BSX)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters