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UPDATE: Bank of America Merrill Lynch Reiterates Neutral Rating, Lowers PO on Boston Scientific

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In a report published Friday, Bank of America Merrill Lynch reiterated its Neutral rating on Boston Scientific (NYSE: BSX), but lowered its price objective from $8.50 to $6.30.

BofA Merrill Lynch noted, “In order to be more bullish on BSX, we need more conviction that ASP declines in BSX's core drug-eluting stent market will moderate and the Promus Element stent can be successful in the U.S. in order to allow for operating leverage, and we need more conviction that BSX can grow. If we became more convinced that operating leverage will materialize, it would make it much easier to call BSX cheap and to argue that a positive risk reward exists while we wait for management's plan to play out.”

Boston Scientific closed on Thursday at $5.66.

Latest Ratings for BSX

DateFirmActionFromTo
Jun 2016Guggenheim SecuritiesInitiates Coverage onBuy
May 2016BTIG ResearchDowngradesBuyNeutral
Mar 2016NomuraInitiates Coverage onBuy

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Posted-In: Bank of America Merrill LynchAnalyst Color Price Target Analyst Ratings

 

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