CIBC World Is 'Positive' on Boston Scientific

The biotech firm will file a pre-market application for its paclitaxel-eluting stent at the end of June

CIBC World reiterated its sector perform rating on Boston Scientific (BSX ).

Analyst John Calcagnini also reiterated his $68 target, on the news that Boston Scientific plans to file a Taxus IV pre-market application for its paclitaxel-eluting stent on June 23. Calcagnini says this slight push back from the company's initial target date of June 12 or June 13 is good news; it implies Boston Scientific hit its primary objective of a 40% reduction in target vessel failure.

Given the company's success with the Taxus stent in Europe, and having met its primary objective, Calcagnini thinks investors may well assume the company could emerge as a U.S. market leader in 2004. He sees a possibility that Boston Scientific will exceed his $2.76 2004 earnings per share estimate.