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UBS Keeps 'Buy' on Boston Scientific


UBS Financial reiterates buy on Boston Scientific (BSX).

Analyst David Lothson says Boston Scientific can now market its Taxus stent and write orders at the American College of Cardiology meeting. He says the company has indicated it has 226,000 units in inventory, and will launch Taxus immediately in all sizes. He notes Boston Scientific has set Taxus's list price at $2,950, and Johnson & Johnson's Cypher is listed at $3,195. However, he estimates that average selling prices are likely in the $2,800 vicinity.

Lothson believes Boston Scientific will rapidly take a market leading position. Using the $2.50 2005 earnings per share estimate, Boston Scientific trades at a 25% discount to the cardio group, and the shares are undervalued given its earnings per share growth potential. Lothson has a $54 target, which is 21.5 times the 2005 earnings per share.


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