With a market cap of $109.2 billion, Boston Scientific Corporation (BSX) is a medical devices industry that specializes in interventional medical specialties. The Massachusetts-based company develops, manufactures, and markets diverse products globally for cardiovascular, rhythm and neuro, and MedSurg specialties.
Shares of the medical device manufacturer have outperformed the broader market over the past 52 weeks. BSX has gained 38.7% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 28.3%. In 2024 alone, shares of BSX are up 28.8%, compared to SPX's 11.3% gains on a YTD basis.
Zooming in further, BSX also outpaced the US Medical Devices Ishares ETF’s (IHI) 2% gains over the past 52 weeks. Moreover, BSX stock's double-digit returns on a YTD basis outshines the exchange-traded fund’s 5.1% gains over the same time frame.
Boston Scientific's stock has outperformed the broader markets with steady market share growth across segments, driven by regulatory approvals and strategic acquisitions in the cardiovascular, MedSurg, and Neuromodulation sectors. Moreover, a 5.7% surge on April 24, fueled by strong Q1 earnings and a raised 2024 guidance, propelled the stock to an all-time high.
For the current fiscal year, ending in December, analysts expect BSX to report EPS growth of 13.2% to $2.32 on a diluted basis. The company has consistently surpassed earnings expectations, beating the consensus estimate in each of the last four quarters.
The consensus view on the stock is overall bullish. Among the 24 analysts covering the stock, the consensus rating is a “Strong Buy.” That’s based on 19 “Strong Buys,” three “Moderate Buys,” and two “Holds.”
This configuration has been consistent over the past months. However, it is slightly more bullish than three months before, with 18 “Strong Buy” ratings.
On May 15, Boston Scientific reached a new 52-week high of $74.67, boosted by Mizuho (MFG) reaffirming a "Buy" rating and raising their price target to $90, which is also the Street-high target price. The brokerage firm highlighted the potential for double-digit growth in Boston Scientific’s cardiology segment.
The mean price target of $80.78 represents a premium of just 8.5% to BSX's current levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
