Citi Downgrades Boston Scientific to Neutral on Competition and Cyberattack Fallout

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Citi downgraded Boston Scientific to Neutral from Buy, citing the lingering aftermath of an August cyberattack and rising competition across several of its businesses. The bank cut its price target on the medical device maker to $50 from $57, implying roughly 14% upside based on the Sept. 16 close. Analyst Joanne Wuensch said Boston Scientific has been hurt this year by a more mature U.S. pulsed field ablation market with increased competition, a stagnating left atrial appendage closure market, Urology hiccups, and the cybersecurity attack, and she has revised her estimates down eight times year to date. Wuensch warned that new proposed guidelines from the Heart Rhythm Society could weigh on sales of the company's key Watchman LAAC device, projecting Watchman sales will fall 7.6% in the second half of the year followed by an 8.8% drop in 2027, and said Boston Scientific is likely to lose market share when Abbott Laboratories' Amulet LAAC launches in 2027. She added that while she is confident the company will work through its problems, the time to resolution is opaque, investor patience has run thin, and the recovery path remains unclear.

Impact on stocks 2

Brain-Computer Interface▼ · 1 stocks
Boston Scientific Corp
BSX
▼ NegativeCompetitionRegulationrelevance

Citi downgraded Boston Scientific to Neutral, citing rising competition in pulsed field ablation and LAAC plus expected share loss to Abbott's Amulet.

Biotech & Genomic Medicine▲ · 1 stocks
Abbott Laboratories
ABT
▲ PositiveCompetitionrelevance

Citi expects Boston Scientific to lose LAAC market share when Abbott's Amulet device launches in 2027, a competitive gain for Abbott.

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