Mizuho Analyst Raises Boston Scientific Price Target by 6.3%, Maintains Strong Buy Rating

Mizuho's Anthony Petrone raised their price target on Boston Scientific (NYSE: BSX) by 6.3% from $80 to $85 on 2024/04/25. The analyst maintained their Strong Buy rating on the stock.

This updated price target comes after Boston Scientific's release of their Q1 2024 report on April 24. Petrone raised their estimates, highlighting the potential of Farapulse, which is still in the early stages of its U.S. launch, and the favorable positioning of Watchman for label expansions.

In the first quarter of 2024, Boston Scientific reported earnings per share (EPS) of $0.56, surpassing the Zacks Consensus Estimate of $0.51 and showing a 19.1% increase compared to Q1 2023's EPS of $0.47. The company's revenue for the quarter was $3.86 billion, exceeding the Zacks Consensus Estimate by 4.85% and representing a 13.8% growth compared to the same period last year.

Looking ahead, Boston Scientific's management provided guidance for the second quarter of 2024, expecting an EPS range of $0.57 to $0.59 and revenue growth of 10.5% to 12.5%. For the full year 2024, the company anticipates an EPS range of $2.29 to $2.34 and revenue growth of 11% to 13%.

Chairman and CEO Mike Mahoney expressed satisfaction with the company's performance in the first quarter, attributing it to the strength of their diversified businesses and pipeline, including the successful U.S. launch of the FARAPULSE™ Pulsed Field Ablation System. Mahoney emphasized Boston Scientific's commitment to long-term investments in their innovative portfolio and clinical science to benefit patients globally while delivering strong financial performance.

Besides Mizuho's Anthony Petrone, other analysts also revised their ratings for Boston Scientific on April 25. Deutsche Bank's Pito Chickering raised their price target by 15.9% from $63 to $73, maintaining a Hold rating on the stock. Citigroup's Joanne Wuensch raised their price target by 7.6% from $79 to $85, maintaining a Strong Buy rating. JP Morgan's Robbie Marcus increased their price target by 13.9% from $72 to $82, also maintaining a Strong Buy rating.

It is worth noting that all top-rated analysts currently rate BSX as a Strong Buy or Buy. No analysts consider it a Hold, and none recommend selling the stock.

The consensus forecast among analysts is that Boston Scientific's earnings per share (EPS) for the upcoming year will be $1.44. If this forecast is accurate, it would represent a 33.7% increase on a year-over-year basis.

Following the release of Boston Scientific's Q1 report, the company's stock price has increased by 0.5%. Over the past year, the stock has shown strong growth, up by 43.3%. During this period, Boston Scientific has outperformed the S&P 500, which has risen by 24%.

Analyst Anthony Petrone, who raised the price target on BSX, is ranked in the top 15% of Wall Street analysts by WallStreetZen. With an average return of 6.6% and a win rate of 48.9%, Petrone specializes in the Healthcare sector.

Boston Scientific Corp, founded in 1979 and headquartered in Marlborough, MA, is a prominent manufacturer of medical devices used in various interventional procedures. The company is well-known for the development of the Taxus Stent, which is utilized to open clogged arteries. In 2012, Boston Scientific expanded its offerings with the acquisition of Cameron Health, introducing the minimally invasive implantable cardioverter-defibrillator known as the EMBLEM subcutaneous implantable defibrillator.

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