Argus Upgrades Boston Scientific (BSX) to Buy

September 1, 2016 7:41 AM EDT
Get Alerts BSX Hot Sheet
Price: $23.88 --0%

Rating Summary:
    27 Buy, 13 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 16 | Down: 24 | New: 14
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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.

For an analyst ratings summary and ratings history on Boston Scientific click here. For more ratings news on Boston Scientific click here.

Shares of Boston Scientific closed at $23.82 yesterday.

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