Boston Scientific's Price Target Boosted to $101 at BTIG
Tuesday, Dec 31, 2024 7:09 am ET
1min read Boston Scientific (BSX) has seen a significant boost in its price target, with BTIG analysts raising their estimate to $101 from $97. This revision reflects the growing optimism among analysts regarding the company's future prospects. The new price target represents a potential upside of 11% from the current stock price of $89.68.
The analysts at BTIG cited several factors contributing to their bullish outlook on BSX. First, the company's strong financial performance and growth prospects have been a driving force behind the price target increase. Boston Scientific reported organic sales growth of 18.2% in the third quarter of 2024, with overall cardiovascular sales climbing 25% on a reported basis. This robust growth is a positive sign for the company's future revenue prospects.
Second, the company's earnings growth has been another key factor in BTIG's revised price target. Boston Scientific raised its full-year profit outlook to an adjusted $2.45 to $2.47 per share, above its previous guidance of $2.38 to $2.42. This indicates that the company is expected to deliver strong earnings growth in 2024.
Third, Boston Scientific's innovative products and pipeline have also contributed to the analysts' bullish outlook. The company's strong platform of assets and its integration efforts bode well for its future performance. The company's growth drivers, such as the Farapulse pulsed-field ablation system, are expected to contribute significantly to its future growth.
BTIG's price target revision aligns with the broader analyst community's optimism about BSX. The average analyst price target for the stock sits at $101.06, representing a further 11% upside for BSX. This average price target is higher than BTIG's revised target, suggesting that while BTIG is bullish, other analysts may have even more optimistic expectations for the stock's future performance.
In conclusion, BTIG's revised price target for Boston Scientific reflects the company's strong recent financial performance, growth prospects, and the broader analyst community's optimism about the stock. The analysts' bullish outlook is supported by the company's innovative products, pipeline, and strong financial results.
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