Analyst Travis Steed of Bank of America Securities reiterated a Buy rating on Boston Scientific (BSX – Research Report), with a price target of $90.00.
Travis Steed has given his Buy rating due to a combination of factors indicating strong performance and promising outlook for Boston Scientific. The company’s first-quarter organic revenue growth surpassed expectations at 13.1%, notably higher than the predicted 8%, with earnings per share beating estimates as well. The remarkable growth has been primarily attributed to their worldwide Electrophysiology (EP) revenue, which exceeded projections by 37%, and the successful launch and continuous adoption of Farapulse in the U.S. and Europe. Additionally, Boston Scientific is positioned for continued EPS growth into 2024, bolstered by anticipated gains in market share and forthcoming enhancements to their mapping platform.
Moreover, Boston Scientific’s diverse portfolio beyond EP is also a driver for the Buy rating, with several upcoming events that could further bolster their growth. These include the anticipated early results from the OPTION trial, the introduction of a leadless pacemaker, and the strategic developments in their Transcatheter Aortic Valve Replacement (TAVR) program. Financially, the company has raised both revenue and EPS guidance for the year, reflecting confidence in sustained margin expansion and overall performance. Steed’s report reflects optimism in Boston Scientific’s strategic initiatives and product pipeline, which justifies the upgrade of the price objective to $90, looking ahead to the company’s 2026 EPS prospects.
Steed covers the Healthcare sector, focusing on stocks such as Edwards Lifesciences, Stryker, and Shockwave Medical. According to TipRanks, Steed has an average return of 10.5% and a 66.43% success rate on recommended stocks.
In another report released yesterday, Wells Fargo also maintained a Buy rating on the stock with a $82.00 price target.
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Boston Scientific (BSX) Company Description:
Boston Scientific Corporation engages in the manufacturing of medical devices and products that are used in various interventional medical specialties worldwide. The company provides implantable devices including heart monitors, technologies for treating coronary artery disease and other cardiovascular disorders, and devices for diagnosing and treating gastrointestinal and pulmonary problems.
