On July 14, Boston Scientific fell 3.25% in regular trading, trading at $43.22/share, with turnover of $105 million.
On the news front, RBC Capital Markets on July 13 cut its price target on Boston Scientific from $100 to $85 while maintaining an Outperform rating. This follows a wave of downgrades from multiple investment banks in recent weeks. Needham cut its target from $77 to $57, Evercore ISI adjusted from $78 to $65, Jefferies reduced from $100 to $67, and Piper Sandler lowered from $90 to $65. The FactSet consensus mean price target has declined from approximately $86 in April to $72.42 currently.
The downgrades reflect ongoing concerns after CEO Mike Mahoney flagged short-term challenges in late May, citing flat sequential US revenue for the Watchman device and broader business headwinds. The company had previously lowered its full-year organic growth guidance to 6.5%-8%.
At the sector level, Health Care Equipment stocks declined broadly, with GE Healthcare down 5.67%, Stryker down 5.57%, Medtronic down 3.71%, Intuitive Surgical down 3.71%, and Abbott Laboratories down 2.70%.
(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.)
Comments