Boston Scientific (BSX) PT Raised to $77 at Oppenheimer

Oppenheimer analyst Steven Lichtman raised the price target on Boston Scientific (NYSE: BSX) to $77.00 (from $68.00) while maintaining a Outperform rating.

The analyst comments "BSX delivered 1Q24 sales meaningfully ahead of the Street (13% organic y/y). EPS was also beat ($0.56 versus our/Street's $0.51E), on the higher sales (driving opex leverage) and discrete tax items. Gross margin lower than expectations on inventory charges (obsolete cryo owing to PFA strength) and higher capital mix (including from PFA generator placements). Revenue beat was led by FaraPulse, with US well ahead despite a mid-quarter launch (generator sales likely leading early in the launch). Rest of total US sales were about in line with our thinking, while OUS was very strong across several regions, particularly APAC, and ahead of our estimates. FY24 organic growth guidance raised solidly from 8-9% to 10-12% with op margin expansion target of 30-50bps maintained."

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