Citigroup downgraded Boston Scientific from buy to neutral on September 18 and lowered its price target to $50 from $57. The note put the August 25 cyberattack at the center of the call, saying investor patience with the recovery timeline has run thin.
The attack took down Boston Scientific's global network and stopped order processing and manufacturing. The company said on September 9 that operations were fully restored and that it was working through an order backlog. It had already told the SEC the incident was material and stepped away from its 2026 guidance.
Citi now models a 7.6 percent decline in Watchman sales in the second half of 2026 and an 8.8 percent decline in 2027, and it had already cut estimates eight times through September 9. Shares are down about 13 percent over the past month, trading near $44.
This is the part of an incident that outlasts the incident response. Containment was reported in days and restoration in weeks, but the cost now shows up as a rerated multiple and a competitor taking share in a franchise that was already under pressure.