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What's behind Boston Scientific's Recent Stock Fall?

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Part 2
What's behind Boston Scientific's Recent Stock Fall? PART 2 OF 5

How Wall Street Reacted to the Delay in BSX’s Lotus Edge Launch

Analyst update

Boston Scientific (BSX) announced the delay in the commercialization timelines of BSX’s Lotus devices in Europe and the US on November 28, 2017. A number of analysts’ updated their view of BSX stock after the announcement.

How Wall Street Reacted to the Delay in BSX’s Lotus Edge Launch

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On November 29, 2017, J.P. Morgan reaffirmed its “buy” rating on BSX stock, with a price target of $31 per share.

On the same day, BMO Capital Markets reiterated its “buy” rating on BSX stock. However, Oppenheimer maintained its “hold” rating on the stock in a research note published the same day.

Analysts’ consensus price target and recommendations

On November 30, 2017, according to a Reuters survey consisting of 24 brokerage firms, 19 (~79%) recommend a “buy,” while five (~21%) recommend a “hold.” Notably, despite the stock dip we’ve seen in the past few days, no analyst recommends a “sell” for the stock.

Currently, the consensus analysts’ price target for BSX stock is $31.3, representing a 12-month return potential of ~19.2%. The stock ended trading at a closing price of $25.9 on November 29, 2017.

By comparison, peers Edwards Lifesciences (EW), Abbott Laboratories (ABT), and Medtronic (MDT) have consensus analyst target prices of $128.1, $61.5, $89.9, respectively. These targets imply a 12-month return potential of 9.3%, 9%, 9.5%, respectively. The iShares Russell 1000 Growth ETF (IWF) has ~0.28% of its total portfolio holdings in BSX.

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