Boston Scientific (BSX) PT Raised to $26 at Needham & Company

Needham & Company analyst Mike Matson reiterated a Buy rating and boosted his price target on Boston Scientific (NYSE: BSX) to $26.00 (from $22.00), saying Q1 marks and inflection point for growth and margins.

Matson commented, "BSX beat consensus 1Q16 revenue and EPS by a wide margin. BSX's organic constant currency revenue growth increased to 8% in 1Q16 from 5% in 4Q15. And margin performance remained strong with BSX's operating margin up 260 bps Y/Y. We believe that BSX gained share in drug-eluting stents (DES) and lost share in cardiac rhythm management (CRM). Management also reiterated guidance for 2016 structural heart sales (primarily Watchman and Lotus) of $175-200M. We reiterate our Buy rating given BSX's strong product cycle, above-peer margin expansion, 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 $19.69 yesterday.

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