Boston Scientific, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Travis Steed from Bank of America Securities reiterated a Buy rating on the stock and has a $120.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Travis Steed has given his Buy rating due to a combination of factors that highlight Boston Scientific’s strong performance and promising outlook. The company has demonstrated impressive revenue and earnings growth, with a 15% increase in revenue and a 19.5% rise in earnings per share in the third quarter, surpassing expectations. This growth is indicative of Boston Scientific’s robust position in the medtech sector, with projections for continued double-digit revenue growth and mid-teens or higher earnings growth.
Boston Scientific’s success is not limited to its electrophysiology (EP) and Watchman products, which have shown significant growth. The EP segment grew by 63% worldwide, outpacing the market, and the Watchman product also experienced accelerated growth. Beyond these areas, the company has seen progress in other segments, such as endoscopy and neuromodulation, and is optimistic about future growth opportunities, including the acquisition of Nalu Medical. Despite some challenges, such as the ERP transition in Europe, the company’s underlying business remains strong, supporting the Buy rating.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $121.00 price target.
BSX’s price has also changed slightly for the past six months – from $95.050 to $103.850, which is a 9.26% increase.