Wise, who attended Boston Scientific's 2023 Investor Day held on September 20, noted that it was "the company's first analyst day since September 2021." According to the analyst, the management provided revised growth guidance for the years 2024 to 2026. The previous growth projection of 6% to 8% was revised upwards to 8% to 10%.
The updated guidance, coupled with a "steady cadence of new product launches," prompted Wise to raise their price target for Boston Scientific. They explained that the revised projections pushed the firm's "already above-consensus sales projections even higher," resulting in an average growth estimate of 9% over the timeframe.
In addition to Wise's rating update, other analysts also adjusted their price targets for Boston Scientific on September 21. Mizuho's Anthony Petrone raised their price target by 7.1% to $56 and maintained a Hold rating on the stock. Needham's Mike Matson increased their price target by 6.6% to $61 and maintained a Buy rating. Baird's David Rescott raised their price target by 5% to $60 and also maintained a Buy rating.
It is worth noting that all top-rated analysts currently rate BSX as a Strong Buy or Buy, with none considering it a Hold. Furthermore, no analysts recommend or strongly recommend selling the stock.
The consensus among analysts is that Boston Scientific's upcoming year will deliver earnings per share (EPS) of $0.96. If the analysts' forecast proves accurate, the company's next yearly EPS will increase by 59.4% compared to the previous year.
Looking at the stock's performance, since Boston Scientific's last quarterly report on June 30, the stock price has decreased by 0.2%. However, on a year-over-year basis, the stock has seen a notable increase of 35.7%. Over the same period, Boston Scientific has outperformed the S&P 500, which has recorded a 14.3% gain.
Rick Wise, the Stifel Nicolaus analyst who raised the price target, is ranked in the top 5% of Wall Street analysts by WallStreetZen. With an average return of 11.4% and a 61.9% win rate, Wise specializes in the Basic Materials and Healthcare sectors.
Boston Scientific Corp, founded in 1979 and headquartered in Marlborough, MA, is a manufacturer of medical devices used in various areas such as interventional radiology, interventional cardiology, peripheral interventions, and neuromodulation. The company is well-known for developing the Taxus Stent, which is used to open clogged arteries. In 2012, Boston Scientific acquired Cameron Health, further establishing its presence in the market with the introduction of the EMBLEM subcutaneous implantable defibrillator, a minimally invasive implantable cardioverter-defibrillator.
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