Boston Scientific

BSX: EXCITING PIPELINE OF PRODUCTS, SUCCESFUL LAUNCH & EXECUTION IS KEY

• Initiating with a HOLD and a $13.25 price target. Boston Scientific develops, manufactures & markets medical devices for various medical specialities. Boston Scientific has advanced the practice of less-invasive medicine by providing medical professionals with alternatives to surgery & other risky procedures that have high a risk. We’d like to remind investors that the core of every business is very important and we feel that investors have forgotten all too quickly about BSXs weak track record. While the stock is up 130% since Jan. 1 2013 and trades at a premium – even though BSX has multiple exciting products in its pipeline, and the cardio + rhythm management industry is stabilizing – BSX will have to be firing on all cylinders going forward to justify the current valuation. We believe the stock is fairly valued relative to its opportunities.
• Full valuation: http://www.scribd.com/doc/210026573/Boston-Scientific-Primer