Boston Scientific price target lowered to $100 from $125 at Oppenheimer

Oppenheimer lowered the firm’s price target on Boston Scientific to $100 from $125 and keeps an Outperform rating on the shares. The firm notes Boston Scientific (BSX) announced it had entered into a definitive agreement to acquire Penumbra (PEN) for $374/share in a 73:27 cash:stock deal, valuing Penumbra at about $14.5B EV. While this acquisition bolsters Boston’s vascular and neurovascular portfolio, Oppenheimer questions the deal timing and the multiple could complicate a reasonable ROIC.