UPDATE: Wedbush Initiates Coverage on Boston Scientific Corporation with Neutral Rating, $10 PT on Continued Turnaround Story

In a report published Friday, Wedbush analyst Tao Levy initiated coverage on Boston Scientific Corporation BSX with a Neutral rating and $10.00 price target. In the report, Wedbush noted, “BSX is progressing with its turnaround story which, if successful, will cap one of the most challenging periods in its history. As investors look toward 2014 and beyond, the catalysts for higher EPS and the return to organic revenue growth become clearer and include the introduction of several new products, such as the Watchman LAA occluder, Subcutaneous-ICD, Lotus TAVR, and Vessix renal denervation system. However, because over 50% of BSX's revenue is still generated from the declining and highly competitive CIEDs and interventional cardiology markets, we believe the risk that any one of these new opportunities may not materialize as expected needs to be measured within the proper context. With a valuation that has become stretched, in our opinion, we do not believe the shares leave much room for error.” Boston Scientific Corporation closed on Thursday at $9.27.