UPDATE: Wells Fargo Upgrades Shockwave Medical (SWAV) to Overweight

Wells Fargo analyst Larry Biegelsen upgraded Shockwave Medical (NASDAQ: SWAV) from Equal Weight to Overweight with a price target of $235.00.

The analyst comments "We are upgrading SWAV to Overweight because we think the peripheral above-the-knee (ATK) opportunity is almost as large as the coronary opportunity and the enhanced reimbursement for ATK procedures (+60-110%), which starts Jan 1, 2022, combined with the new M5 Plus device should drive significant upside in sales over the next few years. Although the uptake of IVL in coronary was rapid, we expect a more gradual increase in IVL for ATK procedures, which should help drive growth beyond just 2022. In addition, Japan should start to contribute meaningful revenues in 2023."

For an analyst ratings summary and ratings history on Shockwave Medical click here. For more ratings news on Shockwave Medical click here.

Shares of Shockwave Medical closed at $165.13 yesterday.

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