Wells Fargo reduced its price target for Boston Scientific (NYSE:BSX) to $48 from $50. The firm maintained an Equal Weight rating while lowering third-quarter sales and earnings per share estimates. This adjustment follows an eight-day operational shutdown caused by a recent cyberattack.
Boston Scientific reported that its distribution network is now substantially restored. Major centers are currently processing and shipping products at or above normal levels.
In other developments, QRG Capital Management Inc. significantly increased its stake in the company during the second quarter. Analysis from Simply Wall St suggests the stock remains undervalued with a fair value estimate of $61.