Jeffries Gives New “Hold” Rating on Boston Scientific (NYSE: BSX)

Equities research analysts at Jeffries gave shares of Boston Scientific (NYSE: BSX) a new “hold” rating with a price target of $7.00 saying that it will take the company’s new management team time to grow outside of its areas of core competency.

Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties, including cardiac rhythm management, electrophysiology, interventional cardiology, peripheral interventions, neurovascular, endoscopy, urology, women’s health and neuromodulation. The Company’s products are offered for sale principally by six dedicated business groups: CRM, including its Cardiac Rhythm Management and Electrophysiology businesses; Cardiovascular, including its Interventional Cardiology and Peripheral Interventions businesses; Neurovascular; Endoscopy; Urology/Women’s Health, and Neuromodulation. During the year ended December 31, 2009, it derived 31% of its net sales from its CRM group, 43% from its Cardiovascular group, 12% from its Endoscopy business, 6% from its Urology/Women’s Health business, 4% from its Neuromodulation business, and 4% from its Neurovascular business.

Shares of BSX traded down 1.62% during mid-day trading on Wednesday.

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