UPDATE: Piper Jaffray Raises PT to $6 on Boston Scientific on Approcal of S-ICD System

Piper Jaffray reiterated its Neutral rating on Boston Scientific

and raised its price target from $5.50 to $6. Piper Jaffray commented, "On Friday, BSX announced approval for its S-ICD system, ahead of previous guidance for 1H13. The approval is the first of its kind in the US for a subcutaneous defibrillator (S-ICD) for the treatment of patients at risk for sudden cardiac arrest. …With the S-ICD approval, as well as the recent (9/24) RELIANCE® 4-Front LV Lead approval in Europe, we believe CRM division sales are likely to stabilize. We are raising our PT to $6.00 from $5.50 for BSX (based on 16x CY2013 EPS of $0.38, up from 14x CY12 EPS of $0.41 to reflect the new year and upsides from S-ICD and the RELIANCE LV lead)." Boston Scientific closed at $5.74 on Friday.