Boston Scientific Corp. (NYSE:BSX) got a "Buy" rating today from an analyst at Stifel Nicolaus, a regional brokerage and investment banking firm.
Thanks to cost cutting efforts and an expected product launch coming next year, Charles Chon of Stifel Nicolaus upgraded Boston Scientific’s stock from "Hold" to "Buy," Forbes reported.
"Boston Scientific is approaching a pivotal point in the company’s turnaround to increase shareholder value," Chon wrote.
The medical device giant expects a "margin uplift" from the U.S. launch of its Promus Element drug-eluting stent, which recently come out on top of a patent dispute against Johnson & Johnson (NYSE:JNJ) ex-stent maker Cordis Corp, Forbes reported..
The announcement of the legal win boosted BSX stock 2.5 percent by the end of the day on June 8.
One week later JNJ’s surprise announcement that it would drop Cordis’ stent-making efforts entirely saw BSX shares shoot up another 2.8 percent by the end of the day June 15.
BSX stock was up 2.3 percent in late afternoon trading today while broader indices were down.