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.
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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.
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