Raymond James has raised its price target for Boston Scientific (BSX) to $119 from $101, reflecting the company's strong financial performance and positive developments in its product pipeline. The analyst firm's optimism aligns with the broader consensus among analysts, who maintain a "Strong Buy" rating for the stock with an average price target of $98.95.

Boston Scientific reported robust financial results for the second quarter of 2024, with net sales growing 14.5% on a reported basis, 16.1% on an operational basis, and 14.7% on an organic basis compared to the prior year period. The company also achieved adjusted EPS of $0.62, surpassing the guidance range of $0.57 to $0.59 per share. These strong financial results, coupled with the company's category leadership strategy and strategic acquisitions, have contributed to its growth and value creation.

Raymond James' price target revision comes on the heels of several positive developments for Boston Scientific, including:

1. Clinical Data and Approvals: The company received National Medical Products Administration (NMPA) approval in China for the FARAPULSE™ Pulsed Field Ablation (PFA) System. Additionally, Boston Scientific presented positive clinical data at the Heart Rhythm 2024 conference, demonstrating the safety and effectiveness of its FARAPULSE PFA System and Modular CRM (mCRM™) System.
2. Product Launches and Acquisitions: Boston Scientific launched the AGENT™ Drug-Coated Balloon, indicated to treat in-stent restenosis in patients with coronary artery disease. The company also completed the acquisition of Silk Road Medical, Inc., expanding its product portfolio and entering the stroke prevention market.
3. Board of Directors Appointments: Boston Scientific elected Dr. Cheryl Pegus to its board of directors, bringing valuable expertise and insights to the company's strategic decision-making process.