Could Johnson and Johnson acquire Boston Scientific in the future?

Larry Biegelsen, senior analyst at Wells Fargo Securities, said he believes there could be more speculation on that topic, now that Boston Scientific plans to appoint a Johnson and Johnson executive as its CEO.

Both companies agreed to a plan that would allow Michael Mahoney, worldwide chairman of Johnson and Johnson's medical device and diagnostics group, to become Boston Scientific's president on Oct. 17, and later its CEO on Nov. 1, 2012.

"It strikes us as a friendly agreement between two companies that have been fierce rivals over recent years and have litigated against each other extensively in the stent space," Biegelsen said in a note to investors. "Given JNJ (Johnson and Johnson's) recent exit from the stent business, we think this announcement could fuel additional speculation about JNJ eventually acquiring (Boston Scientific)."

Johnson and Johnson said in June it plans to leave the drug-coated stent market later this year, due to "evolving market dynamics." The company had been losing market share to competitors such as Boston Scientific and Abbott Laboratories.

Damien Conover, associate director at Morningstar, said there are some products such as pacemakers within Boston Scientific that could complement Johnson and Johnson's divisions.

However, Conover said he doesn't see a major acquisition happening anytime soon. Johnson and Johnson said earlier this year it will acquire Synthes, a manufacturer of orthopaedic devices, for $21.3 billion in 2012.

"I still think they are going to need time to digest the Synthes acquisition before doing anything major," Conover said.

Johnson and Johnson and Boston Scientific said their companies do not comment on rumor or speculation.

Boston Scientific stock was selling at $6.55 a share, up 29 cents on Wednesday afternoon.