Piper Jaffray Initiates Boston Scientific (BSX) with a Buy
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Piper Jaffray initiates coverage on Boston Scientific (NYSE: BSX) with a Buy rating and a $16 price target.
The firm highlights that BSX has been under pressure due to multiple challenges it has faced including an FDA corporate warning letter, share erosion in cardiac rhythm management (CRM), and new entrants into the U.S. DES market. However, Piper Jaffray expects the shares to rise as the company manages through its difficulties.
The firm said, "We see multiple potential catalysts over the next 6 months. First, while it is difficult to second guess the FDA, we expect to see the corporate warning letter lifted in the coming weeks and months. Second, H2:08 results should give us insights into how share in the U.S. DES market is playing out. Data from the use of the Taxus drug eluting stents in diabetics from the ESC meeting in September could also be a plus. Lastly, with the U.S. launch of new ICDs in August, Q4 results should give us better visibility on the state of Boston's CRM franchise which has been under pressure for some time."
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties.
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