UPDATE: Sterne Agee Initiates Coverage On Boston Scientific
In a note dated July 28, Sterne Agee analyst Greg Chodaczek initiated coverage of Boston Scientific (NYSE: BSX) with a Neutral rating and a $13.50 price target.
Chodaczek noted that despite a "stronger-than-average" new product pipeline, he believes the current price adequately reflects the company's potential over the next 12 months.
The next potential catalyst that Chodaczek sees for Boston Scientific is strong data from the EVOLVE II trial on its Everolimus-Eluting Platinum Chronium Coronary Stent System . However, he doesn't see FDA approval for the stent system until the second half of 2016.
As possible concerns, Chodaczek noted that the FDA recently confirmed that it will conduct a third review of Boston Scientific's WATCHMAN, and the company doesn't currently have and FDA approved MRI-compatible pacemaker.
Looking ahead, Chodaczek is expecting full-year 2014 and 2015 EPS of $0.81 and $0.86, respectively.
Latest Ratings for BSX
|Oct 2014||Goldman Sachs||Upgrades||Sell||Neutral|
|Sep 2014||Needham||Initiates Coverage on||Hold|
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