Boston Scientific Surges Following Watchman News

Shares of Boston Scientific Corporation

surged over 3 percent in Monday's pre-market following news that the company's Watchman device was approved by the U.S. FDA. According to RBC Capital Markets analysts Glenn Novarro, Watchman is a "novel left atrial appendage closure device for the treatment of atrial fibrillation" that has already been implanted in more than 10,000 patients in 75 countries. The approval came slightly ahead of schedule, according to Deutsche Bank analyst Kristen Stewart, who viewed it as a positive and maintained a Hold rating on the stock. The device was expected to generate $500 million in sales over the next five years according to Wedbush analyst Tao Levy. Credit Suisse also viewed the news as a positive. Analyst Bruce Nudell revised 2015/2020 EPS estimates of $0.90/$1.44 from $0.90/$1.41 and an increased the DCF-based price target from $18 to $19 and maintained an Outperform rating. Boston Scientific Corporation recently traded at $17.13, up 3.13 percent.