Needham & Company reiterated a Buy rating on Boston Scientific (NYSE: BSX), and raised the price target to $22.00 (from $21.00), following the company's 3Q15 earnings results. Revenue was $1.888B vs. consensus of $1.861B and EPS was $0.24 vs. consensus of $0.23.

Analyst Mike Matson commented, "BSX's 3Q15 results beat consensus revenue and EPS. BSX's organic constant currency revenue growth improved slightly from 4% in 2Q15 to 5% in 3Q15 despite a more difficult comp. Margin performance remained strong with operating margin up 260 bps Y/Y. We believe BSX held DES share and lost CRM share. Management reiterated that 2015 structural heart sales (including Watchman and Lotus) should be at the upper end of the $75-100M guidance. We reiterate our Buy rating given BSX's strong product cycle, above-peer margin expansion, potential for upside to estimates, and discount valuation."

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Shares of Boston Scientific closed at $16.82 yesterday.