CFRA Retains Buy Opinion On Shares Of Boston Scientific Corporation

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our target at $61, 26.5x our 2024 EPS estimate, a premium to BSX’s historical forward average due to our expectations for accelerating growth. We lift our 2023 EPS estimate by $0.07 to $2.03 and 2024’s by $0.08 to $2.30. BSX posted Q3 EPS of $0.50 vs. $0.43 (+16% Y/Y), $0.02 above the consensus and $0.04 above our estimate. Q3 revenue of $3.6B was up a solid 11% Y/Y, or 10% organically, $50M above consensus and $135M above our estimates, again exceeding the high end of the organic guidance range of 7%-9%. Sales growth was broad-based in the 9%-22% range across geographies and business segments, with the exception of Neuromodulation, which saw slower growth (+3.7% Y/Y). Endoscopy (+12.6% Y/Y), Peripheral Interventions (+12.3% Y/Y), and the core Cardiology business (+11.4% Y/Y) saw the fastest growth in Q3. BSX guided for a 11% Y/Y reported sales growth for 2023, which we think is comfortably achievable and could even be exceeded as we expect the strong momentum to continue through the end of Q4.

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