Shares of Boston Scientific (NYSE:BSX) hit a new 52-week high of $6.57 yesterday, after an upgrade by analysts at Credit Suisse chuffed investors on the stock.
The investment house boosted its rating on BSX shares from "neutral" to "outperform" Tuesday and raised its price target from $6 to $7, pushing the stock past its peak before falling slightly to a $6.51 close, up some 3% on the day. Today BSX shares opened at $6.50 and were trading at $6.44 apiece as of about 12:50 p.m., down 1.1%.
Credit Suisse analyst Bruce Nudell forecast higher sales starting next year for the Marlborough, Mass.-based medical device company, based on his prediction that the CRM and coronary stent markets will turn around by then. New products coming online via acquisition will also help, Nudell wrote.
Those include Boston Scientific’s Alair asthma device, acquired in a $444 million buyout of Asthmatx in 2010; the S-ICD "leadless" pacemaker acquired along with Cameron Heart for $1.35 billion last year; its Lotus transcatheter aortic valve implant (picked up for $450 million in 2010 along with Sadra Medical); and the Vessix entry into the renal denervation space acquired in a $425 million deal in November 2012.