UPDATE: JP Morgan Raises PT on Boston Scientific Corporation Based on Recent FX movements and 1Q result

In a report published on Wednesday, JP Morgan analysts raised the price target from $7.50 to $8.00 on Boston Scientific Corporation BSX and reiterated a Neutral rating. The report noted, "Boston faces multiple challenges, in our view. First and foremost is a portfolio of underperforming assets, the biggest of which we believe are unlikely to grow over the next 3-5 years. In fact, through 2016, we peg Interventional Cardiology growth (30% of sales) at negative 0.7% and CRM (28% of sales) at negative 3.4%. Combined, that's 58% of sales expected to decline over the next four years. The other 42% is projected to grow at a 5.9% CAGR before acquisitions and divestitures, driving 1.5% growth for the company overall through 2016 in our model." Boston Scientific Corporation currently trades at $8.98.