Argus Upgrades Boston Scientific (BSX) to Buy
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Argus upgraded Boston Scientific (NYSE: BSX) from Hold to Buy with a price target of $33.00.
The analyst noted strong sales in 2Q16, with growth of more than 10% in five product segments. In addition, the company is gaining share in the pacing market thanks to its recently launched MRI-compatible pacemaker.
The firm is raising adjusted EPS estimates to $1.11 from $1.08 for 2016 and to $1.27 from $1.20 for 2017.
Despite shares trading at 19.1x 2017 versus 18.8x for the coverage universe, the analyst views valuation is attractive given the company's strong growth prospects.
Shares of Boston Scientific closed at $23.82 yesterday.
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