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Marlborough, Massachusetts-based Boston Scientific Corporation (BSX) is a developer, manufacturer, and marketer of medical devices for use in various interventional medical specialties worldwide. With a market cap of $120 billion, the company operates through MedSurg and Cardiovascular segments.
Companies worth $10 billion or more are generally described as "large-cap stocks," and Boston Scientific fits that category, with its market cap exceeding this threshold, reflecting its substantial size, influence, and dominance in the medical devices industry. It has been dedicated to transforming lives through its innovative medical solutions that improve patient health around the world.
Boston Scientific hit its all-time high of $82.10 on Aug. 30 before slightly pulling back. BSX stock gained 9.1% over the past three months, outpacing the Nasdaq Composite’s ($NASX) 5.8% gains during the same time frame.
Over the longer term, BSX rallied 49.6% over the past 52 weeks and 41.5% in 2024, outperforming NASX’s 27% returns over the past 52 weeks and 18% gains on a YTD basis.
To confirm the bullish trend, BSX has remained above its 200-day moving average since last October and its 50-day moving average since early November with slight fluctuations.
Boston Scientific has been on the rise since the beginning of the year. On Jan. 31, BSX surged 3% following the U.S. FDA's green light for the Farapulse heart device, making it only the second PFA system approved after Medtronic's (MDT) PulseSelect.
Despite reporting a staggering 14.5% year-over-year sales growth, BSX stock dipped 1.1% after the release of its Q2 earnings on Jul. 24. The decline can be attributed to an even higher investor expectation. Nevertheless, the company issued a strong net sales growth guidance range of 13.5% to 14.5% for the current fiscal year, reflecting management’s confidence in the company’s operations.
Boston Scientific’s competitor, Medtronic, is up 7.9% over the past 52 weeks and 7.5% in 2024, substantially lagging behind BSX’s double-digit returns over the same time frame.
Among the 28 analysts covering the BSX stock, the consensus rating is a “Strong Buy.” The mean price target of $88.28 for BSX represents a potential upside of 7.9% from the current levels.
On the date of publication, Aditya Sarawgi 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.
