Boston Scientific (BSX) PT Lowered to $57 at Needham

Needham analyst Mike Matson lowered the price target on Boston Scientific (NYSE: BSX) to $57.00 (from $77.00) while maintaining a Buy rating.

The analyst commented: "Management indicated that WATCHMAN sales have slowed at a recent investor conference. They noted that they expect US WATCHMAN sales to be flat sequentially in 2Q26 and in 3Q26. Despite the WATCHMAN slowdown, BSX reiterated its 2Q26 and 2026 organic revenue growth guidance ranges. Management cited workflow issues (physicians are swamped) but we believe that recent clinical trials and reimbursement are also factors hurting WATCHMAN growth. We de-risk our model by assuming that WATCHMAN sales are flat in 2027 and 2028. Despite our conservative assumptions, we expect overall organic growth of ~6% in 2027 and 2028. We believe that this warrants a 16.0x P/E multiple and we lower our price target to $57 from $77 due to our reduced WATCHMAN estimates."

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