By Kim Khan
Investing.com – Medical device maker Boston Scientific (NYSE:) stumbled out of the gate Tuesday, with investors disappointed with guidance released this morning.
Shares fell 7.6% in morning trading.
Boston Scientific (NYSE:) said it still see fourth-quarter of 42 to 45 cents per share, in line with the consensus of 44 cents per share according to forecasts compiled by Investing.com.
But it sees revenue of about $2.9 billion, lower than consensus expectations of $2.93 billion. That would be a rise of about 13.4% from the year-ago period, near the lower end of its previous guidance of a rise of 13% to 15%.
Expectations had been high Boston Scientific’s upcoming earnings. In late December Cowen boosted its price target on shares to $52 from $47, saying that 2020 guidance should “fuel the bull case while leaving upside to the top- and bottom-line ranges.”
Before today’s drop, shares were up nearly 20% in the last three months.
The company reports earnings on Feb. 5.
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