Wells Fargo cuts Boston Scientific target to $48 after cyber hit

Wells Fargo analyst Larry Biegelsen lowered the firm's price target on Boston Scientific to $48 from $50 on September 24, while maintaining an Equal Weight rating. The bank reduced its fiscal third-quarter estimates to account for roughly $300 million in lost sales and about $0.13 per share in earnings following eight days of operational downtime.

Boston Scientific detected unauthorized activity on its systems on August 25. The resulting network outage temporarily disrupted manufacturing, order processing, and shipping. On September 9, the medical device maker announced that operations were fully restored, with distribution running at or above normal levels as it works through order backlogs.

The company previously acknowledged that the disruption will materially affect its third-quarter and full-year 2026 performance. Boston Scientific now expects reported net sales growth of 5.5% to 6.5% for 2026, organic sales growth of 5% to 6%, and adjusted EPS between $3.28 and $3.32.

Wells Fargo left its financial growth estimates for 2027 and beyond unchanged. The bank views the cyber disruption as a short-term issue. Its model assumes no procedure recapture or inventory build in the fourth quarter. Boston Scientific plans to share a revised 2026 financial outlook when it reports third-quarter results on October 28.