On Wednesday, Boston Scientific Corp. (NYSE:BSX) saw its price target increased to $80.00 from the previous $69.00, while its stock rating was reaffirmed as a Buy by Argus. The company, known for manufacturing medical devices for a variety of interventional procedures, has shown impressive performance within the MedTech industry, with its shares climbing 37% over the past year as of April 1.
Boston Scientific's diverse range of products is used in numerous medical fields, including interventional cardiology, peripheral interventions, vascular surgery, and electrophysiology, among others. With the conclusion of the pandemic and the resurgence of elective medical procedures, the company has reported strong results across all its business segments.
Argus analyst highlighted the company's robust recovery and growth, attributing the positive outlook to the end of the pandemic and the consequent rebound in elective procedure volumes. The analyst's sentiment reflects confidence in Boston Scientific's ongoing performance and its potential for continued success in the market.
The upgraded price target is a reflection of Boston Scientific's consistent performance and its 37% stock increase over the past year. The company's commitment to innovation and its broad product portfolio are cited as key factors that are expected to drive its growth moving forward.
InvestingPro Insights
Boston Scientific's (NYSE:BSX) recent performance has caught the eye of investors and analysts alike. With a market cap of approximately $99.14 billion and a revenue growth of 12.29% over the last twelve months as of Q4 2023, the company's financial health appears robust. The PEG ratio of 0.46 suggests that the stock may be undervalued based on its earnings growth rate, which aligns with the sentiment that Boston Scientific is trading at a low P/E ratio relative to near-term earnings growth, one of the InvestingPro Tips highlighted for the company.
Additionally, Boston Scientific's stock has shown a strong return over the last three months, with a 17.1% price total return, reflecting the market's positive reception to the company's strategic moves and financial results. This is supported by another InvestingPro Tip emphasizing the stock's prominent position within the Healthcare Equipment & Supplies industry and its consistent performance.
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