J.P. Morgan Raises PT On BSX To $8

J.P. Morgan, citing 1Q results released last Wednesday evening its raising the price target on Boston Scientific Corp. BSX from $7 to $8. In the report, J.P. Morgan writes, “Boston Scientific reported 1Q results Wednesday night, with sales of $1.925B (down 1.8% reported, -0.7% organic) coming in $30M ahead of the Street due in large part to currency. The big story in the quarter, though, was down the income statement, where adjusted EPS of $0.22 (+33%) came in notably above management's own cash EPS guidance of $0.07-$0.10 on several one-time benefits and expense deferrals. Following these results, we are adjusting our BSX estimates for the full year 2011 and beyond.” J.P. Morgan maintains its Underweight rating on the stock. BSX closed at $7.16 last Thursday.