Boston Scientific's 'Next Level' Long-Term Plans: Why 2 Analysts Boost Price Targets

Boston Scientific Corporation BSX CEO Mike Mahoney set the theme at the company's 2023 Investor Day event as "next level,' stating that his goal was to make Boston Scientific a "compelling" and "fantastic place to be 10 years from now." 

Mizuho Securities maintained its Neutral rating and raised the price target from $56 to $60.

Needham gave the company a Buy rating and raised the price target from $61 to $65.

Here are some key takeaways from other analysts.

The company rolled out a fresh long-range plan that aimed for No. 1 top- and bottom-line growth positioning versus its large-cap peers over the next three years, Mizuho analysts wrote.

The optimistic outlook was underpinned by the rapid expansion of the Pulsed Field Ablation (PFA) category, projected to capture 60% of the market share by 2026, with Farapulse poised to take the lead. 

Additionally, Mizuho anticipated continued growth in the Left Atrial Appendage (LAA) market, fueled by new indications, ultimately expanding the Total Addressable Market (TAM) to $6 billion by 2030. The analysts also noted a promising trend in the current $6.5 billion global Transcatheter Aortic Valve Replacement (TAVR) market.

Modest price advantages, steady growth in essential market segments and strategic, small-scale mergers and acquisitions are expected to enhance these factors. Boston Scientific presented a persuasive argument that in 2026 it will be positioned in the top-tier growth sectors, according to the analysts.

Needham analysts said Boston Scientific's growth will be driven by several new products, with Farapulse, Acurate and Empower being the most influential drivers. Needham also expects a continued shift towards higher-growth categories and sustained international expansion to contribute to this growth.

BSX Price Action: Boston Scientific shares were up 0.30% at $54.26 on the last check Thursday.

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