After a Delaware jury found that Boston Scientific's (BSX) '608 patent is valid and infringed by Edwards Lifesciences (EW) and awarded Boston $35M in damages, Morgan Stanley analyst David Lewis noted that the patent trial and appeal board, or PTAB, has already found Boston's '608 patent invalid. Boston is appealing the invalidity of the '608 patent and Lewis said he thinks the PTAB decision will be a greater determinate of the eventual outcome of the legal fight between the companies. He also notes that there is a trial on co-ownership of the '608 patent, which will begin in 2019 and could make both the jury and PTAB processes moot. In the event of a settlement, his base case scenario assumes Edwards will pay 5% of his 2018 worldwide TAVR sales of $2.3B in the form of a royalty through 2024, Lewis added. The analyst has Overweight ratings on both Boston and Edwards shares.

Stifel raised the firm's price target on Boston Scientific to $83 from $70 and keeps a Buy rating on the shares. The firm said the company delivered "solid" Q1 outperformance, underpinned by "important" new product launches. Looking ahead to 2024 and beyond, Stifel believes Boston Scientific could continue outperforming their Loan Repayment Program and the firm's projections.

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