Boston Scientific (BSX) continues to see competitive pressures that could have weighed on the company's Q2 results, Oppenheimer said in a Monday note.

The company is set to release its Q2 results on Wednesday and Oppenheimer said it is "widely expected" to be a soft quarter for Boston Scientific's electrophysiology and Watchman products. The brokerage said it lowered its Q2 forecasts for both product segments.

In addition, Boston Scientific's long-range plan remains as a "critical overhang" on the company's stock, Oppenheimer said.

The investment firm still noted Boston Scientific's outperformance over the past years, mainly driven by the growth of its electrophysiology business and robust pipeline.

Oppenheimer lowered its price target on Boston Scientific to $85 from $90, with an outperform rating.

Price: 45.94, Change: +1.69, Percent Change: +3.81