Evercore ISI analyst Vijay Kumar raised estimates and his price target on Boston Scientific (NYSE: BSX) to $23.50 (from $21.50) due to market multiple expansion. The firm maintained a Buy rating.

FY16 EPS was raised from $1.06 to $1.11 mainly due to higher organic revenue growth (mainly from higher stents + structural heart) assumptions and lower OpEx (following an impressive 1Q performance); FY17 EPS was aised from $1.22 to $1.30 due to slightly higher revenues (increased confidence in Watchman) and higher operating margin expansion assumptions; FY18 EPS was raised from $1.44 to $1.50 due to sustainability of revenue growth (contribution from US launch of Lotus TAVR) and base effect (building off of higher base.

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Shares of Boston Scientific closed at $19.69 yesterday.