Bank of America Reiterates Neutral on Boston Scientific

Bank of America reiterated its Neutral on Boston Scientific BSX as the company prepares for the coming of a new CEO. In a research report published today, Bank of America states, "We remain on the sidelines with BSX as we continue to assess the implications of Mr. Elliott's pending departure on BSX's turnaround. 2012 will be a year of multiple cross currents for BSX with a new CEO on board, new competitive threats from STJ and MDT in both stents and CRM, BSX's US launch of Promus Element (late 2011), the revenue benefit from JNJ's stent market exit (year end 2011) and the potential for more aggressive use of the balance sheet." At the moment, Bank of America has a price target of $8.50 placed on the company's stock. On Tuesday, Boston Scientific added 2.67% to its value to end the day at $6.92.