NEW YORK (TheStreet) -- Shares of Boston Scientific (BSX - Get Report) are advancing by 1.8% to $23.21 in early-afternoon trading on Thursday, as the medical device maker targets between $115 million and $150 million in cost cuts by 2020 as part of a restructuring program.
Boston Scientific announced earlier today that it will restructure operations starting immediately, but didn't provide specifics regarding the actions it will undertake. The program should be completed by the end of 2018, according to a statement.
The company plans to layoff an unspecified number of employees, but expects its overall workforce will remain "relatively unchanged" as it adds new positions in areas of growth.
Boston Scientific expects to record between $175 million and $225 million in charges.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.
Boston Scientific's strengths such as its revenue growth, solid stock price performance, compelling growth in net income, good cash flow from operations and expanding profit margins outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
You can view the full analysis from the report here: BSX
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.