UPDATE: JP Morgan Raises PT on Boston Scientific on Recent FX Movements and 1Q Result

In a report published on Wednesday, JP Morgan analyst Michael Weinstein raised the price target from $7.80 to $8.00 on Boston Scientific (NYSE: BSX) and reiterated a Neutral rating.

In the report, JP Morgan stated, "Boston faces multiple challenges, in our view. First and foremost is a portfolio of underperforming assets, the biggest of which we believe are unlikely to grow over the next 3-5 years. In fact, through 2016, we peg Interventional Cardiology growth (30% of sales) at negative 0.7% and CRM (28% of sales) at negative 3.4%. Combined, that's 58% of sales expected to decline over the next four years. The other 42% is projected to grow at a 5.9% CAGR before acquisitions and divestitures, driving 1.5% growth for the company overall through 2016 in our model."

Boston Scientific closed Tuesday at $8.70.