As Boston Scientific’s (BSX) Q3 earnings report showed yesterday, the company demonstrated significant sales growth across multiple areas. Compared to Q3 2023, net sales have risen considerably on a reported, organic, and operational basis. The report highlighted net sales growth in both its MedSurg and Cardiovascular segments, with increases of 10% and 25%, respectively.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
What’s Happening with Boston Scientific Stock?
Despite the overall positive Q3 earnings report, Boston Scientific stock is struggling today. It rose in pre-market trading but has since failed to sustain momentum, down 5% as of this writing. However, it has shown mostly steady growth over the past six months, rising 16% despite consistent market volatility.
Not all of the company’s Q3 statistics were positive. Reported GAAP net income was $0.32 per share, slightly below Boston Scientific’s guidance range of $0.36 to $0.38. However, it also reported adjusted earnings per share (EPS) of $0.63, slightly above the guidance range of $0.57 to $0.59.
Overall, today’s poor performance is likely due to negative market momentum. Boston Scientific’s Q3 report was positive overall, driven by $4.209 billion in net sales, marking a 19% increase year-over-year on both a reported and operational basis, and an 18% organic increase.
Additionally, Boston Scientific reported both reported and operational net sales growth across international markets, including Europe, the Middle East, Africa (15%), Latin America, Canada (9%), and emerging markets (15%).
Is Boston Scientific Stock a Strong Buy?
Wall Street sentiment toward Boston Scientific has been bullish lately. Analysts have a Strong Buy consensus rating on BSX stock based on 17 Buys, two Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 67% rally over the past year, the average BSX price target of $92.78 per share represents a 9.92% change from the last price of $84.41.
Yesterday, Bank of America (BAC) analyst Travis Steed increased his BSX stock price target from $90 to $100, maintaining a Buy rating, implying upside potential of 18%. On the same day, Matthew Taylor of Jefferies (JEF) also maintained a Buy rating for BSX, although he kept his price target at $90 per share, which implies 6% upside potential.
