Boston Scientific (BSX) PT Raised to $120 at BTIG
BTIG analyst Marie Thibault raised the price target on Boston Scientific (NYSE: BSX) to $120.00 (from $101.00) while maintaining a Buy rating.
The analyst comments "High-flying BSX reported another strong quarter, posting Q4 revenue of $4.561B (+22.4% rep., +19.5% org.) and adj. EPS of $0.70 (consensus: $4.416B and $0.66), well above its guidance of 14-16% organic sales growth and $0.64-$0.66 adj. EPS. The beat was once again led by Electrophysiology which grew ~172% y/y to $649M (consensus $575M), driven by Farapulse, which surpassed $1B in global revenue in 2024. Watchman grew 20% y/y org. to $413M, above consensus of $406M, helped by an increase in concomitant procedures in the U.S. Peripheral Interventions also outperformed expectations while other business divisions were roughly in line with consensus. Gross margin of 70.6% was 30 bps lower than consensus, but adj. EBIT margin of 27.4% was 30 bps higher thanks to opex control. For 2025, BSX set guidance for organic revenue growth at 10-12%, gross margins that will be higher than FY24, and operating income that will expand by 50-75 bps, supported by SG&A leverage. BSX is proving that it not only can meet high expectations, but exceed them with crisp commercial execution across its business units and geographies. We think much of this momentum is sustainable despite new competitive entrants in the PFA market, as the AF market continues to rapidly shift away from thermal ablation modalities (see our recent survey work here). BSX is the first mover and has the deepest pipeline with the recently launched Farawave Nav and Opal mapping integration, closed acquisition of Cortex, a label expansion into persistent AF expected later this year, FDA approval for the focal Farapoint catheter by year-end, a next-gen ICE catheter in 2026, and several new clinical data readouts on the horizon. Beyond PFA, we expect BSX to keep taking aim at fast-growing markets, supporting an increasing WAMGR. Its recent acquisition of Bolt Medical is proof of this strategy. We raise our revenue and EPS estimates to the top end of the guidance range. BSX is trading at ~37x P/E on a NTM basis. While this premium multiple may raise a few eyebrows, in light of BSX's dominance in PFA, broad execution across nearly every product franchise, and in anticipation of a beat-and-raise year, we think it is deserved. Similar to the NTM multiple, we apply a 36.5x P/E multiple to our 12-24 mo. EPS estimate, raising our PT from $101 to $120."