Boston Scientific Corp (BSX) Received its Third Buy in a Row


After BMO Capital and Guggenheim gave Boston Scientific Corp (NYSE: BSX) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Michael Matson reiterated a Buy rating on Boston Scientific Corp today and set a price target of $39. The company’s shares opened today at $34.23.

Matson observed:

“This morning, BSX announced that it plans to submit the final technical module of its pre-market approval (PMA) for its Lotus Edge transcatheter aortic valve replacement (TAVR) next week putting it on track for a mid-2019 approval. BSX also announced it is acquiring the remaining 75% of VENITI it does not already own for up to $160M. BSX has been distributing VENITI’s VICI venous stent under a limited global distribution agreement since September 2017. The VICI stent received a CE and VENITI submitted a PMA to the FDA in June 2018 (the VICI stent could be the first US stent with a specific indication for use in the peripheral venous system). BSX expects the deal to be immaterial to its 2018 and 2019 adjusted EPS and accretive thereafter. We are encouraged by the Lotus Edge news and the VENITI opportunity and we reiterate our Strong Buy rating.”

According to TipRanks.com, Matson is a 5-star analyst with an average return of 11.7% and a 62.4% success rate. Matson covers the Healthcare sector, focusing on stocks such as Cardiovascular Systems, Zimmer Biomet Holdings, and Merit Medical Systems.

Boston Scientific Corp has an analyst consensus of Strong Buy, with a price target consensus of $37.75, a 10.3% upside from current levels. In a report issued on July 25, Canaccord Genuity also maintained a Buy rating on the stock with a $39 price target.

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Based on Boston Scientific Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2.49 billion and net profit of $555 million. In comparison, last year the company earned revenue of $2.26 billion and had a net profit of $146 million.

Based on the recent corporate insider activity of 129 insiders, corporate insider sentiment is negative on the stock.

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Boston Scientific Corp. engages in the development, manufacture and marketing of medical devices that are used in interventional medical specialties. It operates through the following segments: Cardiovascular, Rhythm Management, and MedSurg.

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