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On Wednesday, Boston Scientific Corporation (NYSE:BSX) saw its price target increased by a Jefferies analyst from $82.00 to $90., while the firm maintained a Buy rating on the stock. The adjustment follows the company's second quarter earnings report, which revealed sales of $4.12 billion, marking a 14.7% organic growth and surpassing the consensus estimate of $4.02 billion. Additionally, Boston Scientific posted earnings per share (EPS) of $0.62, a 17% increase compared to the consensus estimate of $0.58.
The company has also revised its full-year 2024 guidance upwards, now expecting 13-14% organic growth compared to the previous forecast of 11-13% and the consensus estimate of 12%. The EPS forecast was likewise increased to a range of $2.38 to $2.42, which represents a 16-18% rise from the earlier projection of $2.29 to $2.34 and the consensus estimate of $2.33.
The analyst attributed the impressive quarter to strong performance in the Electrophysiology/Pulmonary Fibrosis Ablation (EP/PFA) sector, alongside solid results across the board. In light of these outcomes, the analyst has revised their projections to align with the higher end of the company's guidance and reiterated their Buy rating.
Boston Scientific's updated guidance and the subsequent price target raise reflect the company's robust performance and positive outlook for the year ahead. The company's stock price may respond to these developments as investors and analysts adjust their expectations based on the new information.
In other recent news, Boston Scientific Corporation outperformed expectations with its second-quarter revenue of $4.120 billion, a year-over-year increase of 14.5%, and an adjusted EPS of $0.62. Analysts from BTIG maintained their Buy rating and $84.00 price target for the company. The company also announced plans to acquire Silk Road Medical (NASDAQ:SILK) for $1.16 billion, expanding its vascular intervention market portfolio.
Boston Scientific's strong performance led Evercore ISI to increase their price target to $82, while maintaining an Outperform rating. The company also announced an upgraded full-year 2024 guidance, including an EPS forecast of $2.38-$2.42.
Citi confirmed its Buy rating and a $90.00 price target for Boston Scientific, following the company's second-quarter earnings. The company's management upgraded its full-year 2024 guidance, including a reported revenue growth increase to 13.5-14.5% and EPS to reach $2.38-$2.42.
TD Cowen reaffirmed a positive stance on shares of Boston Scientific, increasing its price target to $86 from $77. The firm's optimism follows Boston Scientific's robust first-quarter performance and anticipated sustained momentum into the second quarter.
Truist Securities updated Boston Scientific's price target to $90.00, while retaining a Buy rating on the stock. The new target is based on a projected earnings per share (EPS) of $2.70 for the year 2025. These are the recent developments for Boston Scientific.
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