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Boston Scientific (BSX ): Downgrades to 4 STARS (accumulate) from 5 STARS (buy)
Analyst: Robert Gold

In our opinion, Boston Scientific's recall of 85,000 Taxus coronary stents and 11,000 stent systems to correct a problem related to the balloon deployment was prudent, despite the near-term negative financial impact. However, we think there could be some market reversion to bare-metal stents sold by competitors, and a modest shift in U.S. drug-coated stent sales back to rival Johnson & Johnson. We cut our 2004 EPS estimate by 10 cents to $1.65 on lower Taxus sales and recall-related costs, and trimmed the 2005 by 5 cents to $2.45. Our target price goes to $44 from $59, or 18 times our new 2005 estimate.
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