Deutsche Bank Reports Reovery A Ways Off For Boston Scientific

According to Deutsche Bank, Boston Scientific (NYSE: BSX) is facing another Guidant CRM impairment charge.

Deutsche Bank said that recovery is still some way off. “Boston Scientific closed the Guidant acquisition exactly 5 years ago today for an aggregate purchase price of $28.4B, selling the vascular business to Abbott for an initial payment of $4.1B in cash. BSX recorded another goodwill impairment charge in its 1Q11 results, a reminder that the future for BSX continues to be challenging. While we believe management has the right strategy, we think a recovery is still a ways off and better investment options exist in the space in the meantime. We rate BSX Hold.”

Boston Scientific closed yesterday at $7.08.