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

In a report published Friday, Bank of America Merrill Lynch reiterated its Neutral rating on Boston Scientific

, but lowered its price target 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.