Boston Scientific (BSX) Sees 3Q Pressure From COVID and Staffing Mandates - Morgan Stanley
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Morgan Stanley analyst Cecilia Furlong reiterated an Overweight rating and $53.00 price target on Boston Scientific (NYSE: BSX) after the company experienced 3Q COVID driven procedure pressure compounded by staffing shortages.
The analyst stated "For 4Q, the company guided to 13-17% of reported revenue growth (slightly below Cns. at 18%) and 12-16% of organic growth. At the high end, guidance implies 4.5 to 5 pts of comp-adjusted momentum acceleration, at the midpoint, 2.5 to 3 pts, and at the low end, momentum stability to slight, sub-1 pt acceleration. EPS guidance is in line with Cns. at $0.43-0.45. We view the 4Q guidance as prudently conservative as it captures a wider-than-normal range, with the low end factoring in COVID-19 uncertainty and impact from hospital staffing shortages, but also setting up the potential to deliver on the high end if COVID-19 pressures wane sufficiently."
Shares of Boston Scientific closed at $43.73 yesterday.
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