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Bear Stearns Keeps 'Outperform' on Boston Scientific


Bear Stearns maintains its outperform rating on Boston Scientific (BSX).

Boston Scientific and Johnson & Johnson, rival makers of drug-coated stents, said a U.S. District Court has denied a motion by each company for an injunction against sales of the other's device. Analyst Rick Wise says the ruling significantly positive as Boston Scientific company can now legally launch its Taxus drug-eluting stent after FDA approval, which is expected in early 2004.

Wise says as expected, Johnson & Johnson's Cordis unit will seek an expedited appeal of the ruling, which he assumes won't be granted. He notes Boston Scientific continues to hit important milestones and overcome hurdles. He says only the FDA's approval of Taxus, and a successful launch, stands between the comoany and significant earnings numbers in 2004 and 2005.

He believes Boston Scientific could move meaningfully higher as the injunction issue is no longer an unknown. Wise sees 59 cents 2003 earnings per share, and $1.75 in 2004.


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