Boston Scientific Corporation BSX shares are trading marginally above its peer multiple, which Argus’ David Toung believes still makes the stock attractive, given the company’s robust growth prospects.
Toung upgraded the rating on Boston Scientific from Hold to Buy with a price target of $33.
Strong Sales
The company reported strong Q2:16 sales, with more than 10 percent growth across five product segments.
The analyst pointed out that Boston Scientific had “recently launched a new MRI-compatible pacemaker, which is helping it to gain share in the pacing market. We think these gains are sustainable.”
Guidance And Estimates Raised
The company raised its 2016 guidance, increasing the sales guidance from $8.075–$8.225 billion to $8.270–$8.370 billion and the adjusted EPS guidance from $1.06–$1.10 to $1.07–$1.11.
Following the revised guidance the EPS estimates for 2016 and 2017 have been raised from $1.08 to $1.11 and from $1.20 to $1.27, respectively.
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