Glaukos Corporation (GKOS): Maintaining Hold After Channel Checks - Stifel
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Stifel analyst, Jonathan Block, reiterated his Hold rating on shares of Glaukos Corporation (NYSE: GKOS) after performing a series of checks that show that the majority of docs want to be trained on CyPass, and move a subset of their MIGS procedures over to the competing suprachoroidal stent.
The analyst understands that the proposed facility increase can allow price to play a significant role for iStent in 2017 (driving both revenue and EPS), but further multiple expansion from here (currently 8x 2018 sales) will be difficult if 2017 upside is more dependent on price rather than volume due to the diminished role that price will likely play in 2018 and beyond.
Consequently the analyst is looking for a better opportunity to increase his rating in front of iDose data, Inject’s potential roll out, or Alcon's reimbursement initiatives or share gains falling short of expectations.
Shares of Glaukos Corporation closed at $38.24 yesterday.
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