On September 23, Boston Scientific rose 3.02% in regular trading, trading at $45.065/share, with turnover of $469 million. The rebound came as the company announced its next-generation thermal vapor treatment device, Rezum EVO, received regulatory approval in China, making it among the first global markets to clear the product. The device will be manufactured locally at the company's Shanghai Lingang facility.
Meanwhile, analyst sentiment provided additional support. Oppenheimer lowered its price target on Boston Scientific from $85 to $65 but maintained an Outperform rating. Bernstein similarly kept its Outperform rating despite trimming its target to $60 from $72. The stock had come under sustained pressure since late August after the company disclosed a cybersecurity incident that disrupted global operations and led it to warn it would likely miss Q3 and full-year net sales growth and adjusted EPS guidance. Citigroup subsequently downgraded the stock to Neutral from Buy and cut its target to $50. The company has indicated that sterilization facilities are now fully operational and most global manufacturing has resumed, with a detailed outlook update expected during its October earnings call.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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