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U.S. Equity Research News
Wuensch Upgrades Boston Scientific (BSX) to OUTPERFORM from MARKET PERFORM
July 22, 2009
Joanne Wuensch, senior research analyst covering the Medical Technology industry, has today upgraded Boston Scientific (BSX) to an OUTPERFORM rating from MARKET PERFORM.
From Wuensch’s note: “BSX reported a solid 2Q, its third of in-line EPS vs. consensus, and Ray Elliott’s first as CEO. Elliott backed previous guidance for 5%-7% constant currency revenue growth and at least 15% EPS growth, and brought his own trademark: ‘a laser-like focus on quality of earnings.’ After warming up to BSX, we are pulling the trigger and upgrading shares to OUTPERFORM from MARKET PERFORM. Reasons for the upgrade and to own BSX: 1) US DES share appears to have stabilized in the 48%-49% range; 2) new DES products should help gross margins (Taxus Element and Promus Element in Europe by the end of 2009); 3) worldwide ICD market share is increasing -- we estimate to 26.9% in the 2Q09 versus 25.8% last year and 26.8% sequentially in a market that increased 3.5%; 4) the ICD market appears healthier and should be helped by the MADIT-CRT results; 5) management remains focused on paying down debt and returning to an investment grade rating (given Elliott’s history of expense management and cash flow generation, this background should come in handy); and 6) increased confidence in execution.”
To receive a full copy of the report or for more information, please contact your BMO Capital Markets representative.
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