Boston Scientific (BSX) PT Raised to $28 at Needham & Company

Needham & Company analyst Mike Matson reiterated a Buy rating and bumped his price target on Boston Scientific (NYSE: BSX) to $28.00 (from $26.00) following doubled-digit organic growth in Q2.

Matson commented, "BSX beat consensus 2Q16 revenue and met consensus EPS. BSX's organic constant currency revenue growth increased to 10% in 2Q16 from 8% in 1Q16. And margin performance remained strong with BSX's operating margin up 130 bps Y/Y despite a 60 bps decline in gross margin. We believe that BSX gained share in both drug-eluting stents (DES) and cardiac rhythm management (CRM). Management also guided to the high end of its prior 2016 structural heart sales (primarily Watchman and Lotus) guidance of $175-200M. We reiterate our Buy rating given BSX's strong product cycle, above-peer top and bottom line growth, and potential for upside to estimates."

For an analyst ratings summary and ratings history on Boston Scientific click here. For more ratings news on Boston Scientific click here.

Shares of Boston Scientific closed at $23.66 yesterday.

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