Analyst Larry Biegelsen from Wells Fargo maintained a Buy rating on Boston Scientific (BSX – Research Report) and increased the price target to $82.00 from $72.00.
Larry Biegelsen has given his Buy rating due to a combination of factors that suggest a strong performance and potential upside for Boston Scientific (BSX). Biegelsen’s decision is influenced by the company’s impressive first-quarter revenue and earnings per share, which exceeded the Street’s expectations and outpaced the company’s guidance. Furthermore, Boston Scientific’s organic growth rate surpasses its competitors, and its upward revision of the 2024 revenue guidance indicates solid future performance. The successful early launch of the US Farapulse is also seen as a significant growth driver, contributing to the positive outlook for the company’s long-range plans.
The raised guidance for 2024, in both revenue and earnings per share, signals confidence in Boston Scientific’s operational efficiency and market position. The company expects margin improvements, despite facing foreign exchange headwinds and costs associated with capacity building, due to better inflation dynamics and product mix. Biegelsen’s analysis also takes into account the company’s strategic acquisition moves, specifically the AXNX deal, which is anticipated to close in the fourth quarter and contribute to revenue growth. The strong performance in high-volume accounts and positive feedback from the Farapulse launch further solidify the analyst’s optimistic view on Boston Scientific’s stock.
In another report released yesterday, Stifel Nicolaus also maintained a Buy rating on the stock with a $83.00 price target.
BSX’s price has also changed dramatically for the past six months – from $50.960 to $72.910, which is a 43.07% increase.
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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.
