Citi downgrades Boston Scientific, citing uncertain road ahead

Citi downgrades Boston Scientific BSX.N stock to "neutral" from "buy", cuts PT to $50 from $57

Says the medtech company's fortunes have shifted sharply this year, with shares pressured by a maturing U.S. pulsed field ablation market, increasing competition, a stagnant market for left atrial appendage closure devices, urology challenges, and a cybersecurity attack

Brokerage has lowered estimates eight times so far this year, most recently on September 9, but remains wary that the latest revision will be the final one

Last week, the company said it no longer expects to meet its previously issued third-quarter and annual forecasts

"For years, BSX has been a steady beat-and-raise stock, and while we are confident that it will work through this, the time to resolution is opaque, investor patience has run thin, and we don't have a handle on the recovery path," adds the brokerage

Up to the last close, BSX was down 54% this year