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Boston Scientific's Cardiology Segment Set for Double-Digit Sales Growth, Says Mizuho Analyst

By Don Francis, Editor
May 16, 2024 7:50 AM UTC
Boston Scientific's Cardiology Segment Set for Double-Digit Sales Growth, Says Mizuho Analyst

Mizuho's Anthony Petrone raised their price target on Boston Scientific (NYSE: BSX) by 5.9% from $85 to $90 on 2024/05/15. The analyst maintained their Strong Buy rating on the stock.

In a recent meeting with management, Petrone highlighted the potential for upside combo surgery scenarios, which likely influenced the decision to raise the price target. According to the analyst, "high-level feedback" received by Mizuho suggests that Boston Scientific's Cardiology segment is expected to maintain a "healthy" double-digit sales growth profile in the foreseeable future.

This positive outlook from Mizuho aligns with the sentiment among other analysts. Currently, 83.3% of top-rated analysts rate BSX as a Strong Buy or Buy, while 16.7% consider it a Hold. No analysts recommend or strongly recommend selling the stock.

Looking ahead, the consensus forecast among analysts is that BSX's upcoming year will deliver earnings per share (EPS) of $1.55. If these predictions hold true, the next yearly EPS for Boston Scientific will see a significant increase of 29.1% on a year-over-year basis.

Investors have already seen positive returns from holding BSX shares. Since the company's last quarterly report on 2024/03/31, the stock price has risen by 8.7%. Year-over-year, BSX has outperformed the S&P 500, with a 38.7% increase compared to the index's 28.3% growth during the same period.

Mizuho analyst Anthony Petrone is highly regarded in the industry, ranking in the top 10% of Wall Street analysts according to WallStreetZen. With an average return of 9.7% and a 61.9% win rate, Petrone specializes in the Healthcare sector. This expertise likely contributes to their thorough analysis and positive outlook on Boston Scientific.

Boston Scientific Corporation, founded in 1979 and headquartered in Marlborough, MA, is a leading manufacturer of medical devices used in interventional radiology, interventional cardiology, peripheral interventions, and neuromodulation. The company is best known for developing the Taxus Stent, a device used to open clogged arteries. In 2012, Boston Scientific acquired Cameron Health, expanding its offerings to include the EMBLEM subcutaneous implantable defibrillator, a minimally invasive implantable cardioverter-defibrillator.

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