Boston Scientific (BSX) Garnering Bullish Views Amid Penumbra Acquisition

Boston Scientific Corporation (NYSE:BSX) is one of the 12 best Medical Devices stocks to invest in according to Hedge Funds.

On January 16, Richard Newitter from Truist Securities reiterated his Buy rating on Boston Scientific Corporation (NYSE:BSX). He set a price target of $120, implying almost 28% upside.

The analyst attributed his rating to the company’s strategic acquisition of Penumbra (PEN), which he believes will bolster the business’s durability. Moreover, this deal will also back the company’s double-digit revenue and EPS growth prospects for the future. He also acknowledged the timing of this transaction, which happened as the company’s electrophysiology growth is becoming sluggish, and before the CHAMPION catalyst that entails binary risks.

According to Investing.com, on January 15, Morgan Stanley reiterated its positive view on Boston Scientific Corporation (NYSE:BSX) following the Penumbra deal. The investment bank sees some “clear catalysts” that make the stock valuation appear highly attractive at this point.

Boston Scientific Corporation (NYSE:BSX) specializes in medical devices for interventional specialties such as cardiovascular, endo-surgery, and neuro-modulation. The company operates through MedSurg and Cardiovascular segments, and offers a range of devices including biliary stent systems, electrocautery enhanced delivery systems, direct visualization systems, and single-use duodeno-scopes.

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Disclosure: None. This article is originally published at Insider Monkey.