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Citigroup's Joanne Wuensch raised their price target on Boston Scientific (NYSE: BSX) by 7.6% from $79 to $85 on 2024/04/26. The analyst maintained their Strong Buy rating on the stock.

Wuensch's price target hike followed an assessment of Boston Scientific's 2024/04/24-dated Q1 2024 earnings report and participation in the earnings call.

The analyst told investors that the company surpassed profitability, revenue, and key segment targets, leading to an increased FY 2024 outlook from management.

Earnings Report

For Q1 2024, Boston Scientific reported:

• EPS of $0.56, which beat the Zacks Consensus Estimate of $0.51 and, by 19.1%, Q1 2023’s $0.47.
• Revenue of $3.86B, which beat the Zacks Consensus Estimate by 4.85% and, by 13.8%, Q1 2023’s $3.39B.

Management guided:

For Q2 2024:

• EPS of $0.57 to $0.59.
• Revenue growth of 10.5% to 12.5%.

For FY 2024:

• EPS of $2.29 to $2.34.
• Revenue growth of 11% to 13%

Chairman & CEO Mike Mahoney commented: "Our exceptional results this quarter were fueled by our talented global team and the strength of our diversified businesses and pipeline, including the initial U.S. launch of the FARAPULSE™ Pulsed Field Ablation System.

"We continue to invest for the long term in our innovative portfolio and clinical science to benefit patients globally while delivering differentiated financial performance."