BTIG lowered the firm’s price target on Boston Scientific (BSX) to $110 from $132 and keeps a Buy rating on the shares. The firm notes that Boston Scientific shares are down about 15% as the company’s top franchises – Farapulse PFA and Watchman LAAC – missed Q4 sales expectations. The closely watched Electrophysiology segment missed consensus by $33M, confirming investor fears Boston Scientific is starting to lose market share in PFA. BTIG still thinks Boston Scientific’s diversity, deep product pipeline, and market-leader status with Farapulse and Watchman are worth a premium, but acknowledges the contraction in the company’s valuation multiple.
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