Boston Scientific (BSX) PT Raised to $28 at Needham & Company
Needham & Company analyst Mike Matson reiterated a Buy rating and bumped his price target on Boston Scientific (NYSE: BSX) to $28.00 (from $26.00) following doubled-digit organic growth in Q2.
Matson commented, "BSX beat consensus 2Q16 revenue and met consensus EPS. BSX's organic constant currency revenue growth increased to 10% in 2Q16 from 8% in 1Q16. And margin performance remained strong with BSX's operating margin up 130 bps Y/Y despite a 60 bps decline in gross margin. We believe that BSX gained share in both drug-eluting stents (DES) and cardiac rhythm management (CRM). Management also guided to the high end of its prior 2016 structural heart sales (primarily Watchman and Lotus) guidance of $175-200M. We reiterate our Buy rating given BSX's strong product cycle, above-peer top and bottom line growth, and potential for upside to estimates."
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Shares of Boston Scientific closed at $23.66 yesterday.