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.