BTIG raised the firm’s price target on Boston Scientific (BSX) to $97 from $93 and keeps a Buy rating on the shares. The firm notes that while expectations were running high for Boston Scientific into this Q3 print, results did not disappoint. But BTIG and investors were caught off guard by commentary on a temporary pause for the AVANT GUARD trial studying pulsed field ablation as first-line therapy in persistent atrial fibrillation. The firm does not think there is cause for alarm since the “unanticipated observations” are not life-threatening, but the hyperfocus on Farapulse means Boston Scientific is trading down despite a stellar report. BTIG thinks this is short-sighted, especially since enrollment is expected to resume soon, but acknowledges wariness about anything going wrong with a key product and potential TAM-expanding effort.
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