Wolfe Research downgraded Boston Scientific to Peer Perform in a note on Friday, declaring the end of a multiyear bullish thesis after key growth drivers stalled.
Analyst Mike Polark, who championed the stock for four years, said bluntly that "the call as we pitched it for 4 years has died."
His revised model points to 7% organic growth in 2027, earnings per share of $3.65, and a stock price in the low $50s.
On pulsed field ablation (PFA), Polark cited intensifying competition from Abbott, which is instigating a price and bundling war ahead of Boston Scientific's next catalysts (mid-2027 to 2028).
On Watchman, clinical trial readouts, a cut to the implanter fee, and capacity constraints have raised the prospect of volume declines.
Capital allocation also weighed on the downgrade, with Polark flagging the Axonics acquisition as a "disaster" and expressing concern about execution risk.
