TD Cowen maintains Boston Scientific buy rating, $110 target

On Friday, TD Cowen reiterated a Buy rating for Boston Scientific (NYSE:BSX) stock, maintaining a price target of $110.00. The stock, currently trading at $98.78, has shown remarkable momentum, reaching new 52-week highs and delivering a robust 61% return over the past year. According to InvestingPro analysis, Boston Scientific maintains a "GREAT" financial health score, positioning it as a prominent player in the Healthcare Equipment & Supplies industry.

The firm's analyst, Joshua Jennings, highlighted the positive late-breaking data from the first day of this year's AF Symposium, which supports a strong growth outlook for two of Boston Scientific's major products, Farapulse and Watchman.

According to Jennings, the new data for Farapulse in drug-refractory persistent AFib (atrial fibrillation) is favorable and could lead to an expansion of its U.S. label in the second half of 2025. This development is seen as a significant step for the product, which is one of the key growth drivers for Boston Scientific.

For the Watchman device, a sub-analysis of the Option trial was presented, reinforcing the findings previously shared at the American Heart Association (AHA) meeting. The evidence from this trial is expected to bolster Boston Scientific's efforts to promote the concomitant use of Watchman.

The analyst's comments reflect confidence in the potential market impact of these products and their ability to contribute to Boston Scientific's growth. The company has demonstrated strong fundamentals with revenue growth of 15.66% and a market capitalization of $145.56 billion. The maintained price target of $110.00 suggests that TD Cowen sees a continued positive trajectory for the company's stock, based on the strength of the clinical data and the anticipated label expansion for Farapulse.

Boston Scientific has been focusing on innovation in medical devices, particularly in the cardiovascular market, and the latest data from the AF Symposium appears to support the company's strategic direction and the efficacy of its key products. The reaffirmed Buy rating indicates that TD Cowen views these developments as integral to the company's future performance in the market.

With analyst targets ranging from $83 to $116 and a strong consensus recommendation, investors seeking deeper insights can access comprehensive analysis and 18 additional ProTips through InvestingPro's detailed research reports.

In other recent news, Boston Scientific has been the center of several key developments. The company has received a preliminary court approval for a settlement related to past shareholder derivative actions related to the recall of the LOTUS Edge Aortic Valve System. Boston Scientific has also confirmed its 2024 financial guidance, projecting a 15% organic revenue growth and an increase in operating margins, leading to a 20-21% year-over-year growth in earnings per share (EPS), estimated between $2.45 and $2.47.

RBC Capital and Citi have maintained their Outperform and Buy ratings respectively on Boston Scientific, while Deutsche Bank (ETR:DBKGn) upgraded its rating from Hold to Buy. Truist Securities also remains optimistic, maintaining a Buy rating with a price target of $110.00. These ratings reflect analysts' confidence in the company's growth trajectory and potential to exceed long-term revenue targets.

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