Boston Scientific cut to market perform

JMP Securities analyst Robert C. Faulkner downgraded Boston Scientific Corp. to market perform from strong buy due in part to the slowdown in the ICD market. The stock is becoming more dependent on drug-eluting stents, according to the analyst. JMP's new 2008 share estimate for Endeavor is 14%, up from 6%. Sales estimates are reduced in 2006 to $7.968 billion from $8.244 billion, in 2007 to $9.497 billion from $9.967 billion and in 2008 to $9.776 billion from $10.346 billion. Earnings per share for 2006 were reduced to $1.21 from $1.32. Shares of the Natick, Mass.-based pharmaceutical company were down 51 cents, or 3.05%, at $16.19 on volume of 13,822,900 shares versus the three-month running average of 14,785,200 shares. (NYSE: BSX)

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