Needham analyst Michael Matson assigned a Buy rating to Boston Scientific (BSX) today and set a price target of $50.00. The company’s shares closed last Thursday at $39.00.
According to TipRanks.com, Matson is a 5-star analyst with an average return of 9.3% and a 60.7% success rate. Matson covers the Healthcare sector, focusing on stocks such as Axonics Modulation Technologies, Cardiovascular Systems, and Zimmer Biomet Holdings.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Boston Scientific with a $46.47 average price target, a 15.8% upside from current levels. In a report issued on October 12, BTIG also maintained a Buy rating on the stock with a $48.00 price target.
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Based on Boston Scientific’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2 billion and GAAP net loss of $147 million. In comparison, last year the company earned revenue of $2.63 billion and had a net profit of $154 million.
Based on the recent corporate insider activity of 94 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BSX in relation to earlier this year.
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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: Rhythm and Neuro, Cardiovascular and MedSurg. The Rhythm and Neuro segment develops implantable devices that monitor the heart and deliver electricity to treat cardiac abnormalities. The Cardiovascular segment comprises of technologies or diagnosing and treating coronary artery disease and other cardiovascular disorders including structural heart conditions. The MedSurg segment focuses on Endoscopy, which provides devices to diagnose and treat a broad range of gastrointestinal and pulmonary conditions with innovative and invasive technologies. The company was founded by John E. Abele and Pete Michael Nicholas on June 29, 1979 and is headquartered in Marlborough, MA.
