Boston, MA 10/17/2013 (wallstreetpr) – Boston Scientific Corporation (NYSE:BSX), much like other medical device manufacturers, has seen dwindling sales and contracting revenues for quite some time now. The medical devices market has for along time now remained weak owing to a number of constraints in the industry. Amid these challenges, analysts have recently reviewed the stock and issued their sentiments.
With a market value of $16.62 billion as of October 16, and having gained 2.48% in share value in the previous business session, BSX still remains in the “hold” zone with a consensus price target which is lower than its current share value.
However, Zacks, the latest agency to comment on the stock has assigned a higher than average price target on the stock at $12, but has maintained its score rating at “neutral” on the stock.
So far a total of 23 equities researcher have issued their comments on the stock of which nine have assigned it a “buy” rating while 14 analysts have rated it a “hold”, leading to a consensus “hold” at price target of $9.69.
Having slipped to $5.04 low during the 52-week trading period, the stock on Wednesday, October 16, posted a new 52-week high at $12.40 per share.
The medical devices maker’s most recent quarter earnings reported $0.18 EPS on revenue of $1.81 billion. In a comparable quarter a year earlier, BSX reported $0.17 EPS on revenue that was around 1% higher than the recent quarter.
While the last quarter’s EPS smashed the consensus estimate of $0.10 by $0.08, the revenue fell below the analysts’ radar of $1.78 billion. Currently analysts have predicted $0.44 EPS for this fiscal year.
The med devices maker is on positive movement, but the dragging market situation is keeping it away from its dream. The slowdown in medical health care equipment and devices purchases has been brought about by managements cutting their spending on health care across the globe. But a rebound is expected after the constraints in the industry are nailed.
