Needham & Company analyst Mike Matson reiterated a Buy rating and boosted his price target on Boston Scientific (NYSE: BSX) to $26.00 (from $22.00), saying Q1 marks and inflection point for growth and margins.

Matson commented, "BSX beat consensus 1Q16 revenue and EPS by a wide margin. BSX's organic constant currency revenue growth increased to 8% in 1Q16 from 5% in 4Q15. And margin performance remained strong with BSX's operating margin up 260 bps Y/Y. We believe that BSX gained share in drug-eluting stents (DES) and lost share in cardiac rhythm management (CRM). Management also reiterated guidance for 2016 structural heart sales (primarily Watchman and Lotus) of $175-200M. We reiterate our Buy rating given BSX's strong product cycle, above-peer margin expansion, and potential for upside to estimates."

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Shares of Boston Scientific closed at $19.69 yesterday.