Boston Scientific: Undervalued Ahead of Strong Q4 Results, 2026 Outlook, and PEN Acquisition Catalyst

TD Cowen analyst Josh Jennings has reiterated their bullish stance on BSX stock, giving a Buy rating today.

Josh Jennings has given his Buy rating due to a combination of factors that, in his view, make the recent share weakness unjustified. He believes Boston Scientific is poised to deliver a strong fourth-quarter report, with revenue and earnings likely to meet or slightly surpass both company guidance and consensus expectations. His confidence is reinforced by management’s recent comments that suggest they finished the quarter solidly, as well as internal checks indicating ongoing robust demand for key products such as Farapulse and Watchman. Jennings also downplays concerns raised by external data on a potential slowdown in electrophysiology procedures, noting that company commentary does not support the idea that this had a material impact on results.

Josh Jennings also expects management’s 2026 outlook, to be provided with fourth-quarter results, to support a durable growth narrative that can help re-anchor investor expectations. He sees the upcoming guidance as an opportunity for Boston Scientific to reinforce its longer-term organic growth profile and earnings power. In addition, he anticipates that investor sentiment toward the company’s pending PEN acquisition will improve in the near term as the strategic rationale and integration benefits become clearer. Taken together, these near-term catalysts and underlying business trends underpin his conviction that Boston Scientific’s current valuation does not accurately reflect its fundamental strength, supporting his Buy recommendation.

In another report released today, Barclays also maintained a Buy rating on the stock with a $136.00 price target.