Boston Scientific (BSX) PT Lowered to $54 at Bernstein SocGen Group

Bernstein SocGen Group analyst Lee Hamnright lowered the price target on Boston Scientific (NYSE: BSX) to $54.00 (from $60.00) while maintaining an Outperform rating.

The analyst commented: "Abbott's Amulet 360 can take share from BSX Watchman. The KOL believes ABT’s next-generation device appears to have addressed legacy safety concerns and could take meaningful share from WATCHMAN over time, doubling from 10% share to 20% in the near term and potentially approaching a 50/50 split with BSX. ABT may also benefit from the ability to bundle EP and LAAC portfolios, particularly as concomitant procedures become an increasingly important part of the market. Bernstein take. We believe MDT is looking increasingly attractive as CAS continues to execute with a strong runway ahead. We came away feeling a bit better about BSX’s EP business but a bit worse about Watchman (we may have been a bit too dismissive of Amulet 360). ABT still has work to do, but the company has upside opportunities with Volt and Amulet 360. JNJ is struggling to stem EP share loss, and it seems increasingly likely, in our view, that they’ll ramp up M&A to catch up."

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