Needham raised its rating on Boston Scientific (NYSE:BSX) from Hold to Buy, setting a new price target of $113, citing improving fundamentals and a more favorable competitive landscape.
The firm now sees the threat from pulsed field ablation (PFA) rivals as less significant than previously thought, based on feedback from its latest survey of electrophysiologists. In addition, Boston Scientific’s WATCHMAN device may experience near-term sales upside from more frequent use alongside other procedures, with longer-term gains expected from the upcoming CHAMPION trial results, due in the first half of 2026.
Needham also highlighted the company’s recent acquisitions—Bolt Medical and SoniVie—as potential catalysts. Bolt’s intravascular lithotripsy (IVL) system recently received clearance for above-the-knee procedures, setting the stage for growth contributions beginning in 2025. Following a pullback from all-time highs, Needham believes Boston Scientific’s valuation is now more attractive, reinforcing the upgrade to Buy.