Piper Sandler bullish on Shockwave Medical (SWAV) into naugural innovation day

Piper Sandler analyst Adam Maeder reiterated an Overweight rating and $315.00 price target on Shockwave Medical (NASDAQ: SWAV) ahead of the company's inaugural innovation day on October 23, 2023.

The analyst commented, "On October 23, SWAV will host its inaugural innovation day in SF. While much of the investor focus today centers on the company’s coronary and peripheral segments (and rightly so given the robust growth and runway ahead), we do believe the SWAV story could start to evolve some post-innovation day. Recall SWAV is pursuing several sizable adjacent end-markets, and we think investors are currently ascribing little-to-no value to these potential IVL applications. We expect to get more details and a better sense of timing next month. Additionally, we expect SWAV to formally issue a new TAM (we think closer to $15B). We’d also expect to get a fulsome update on the coronary and peripheral pipeline over the next 2-3 years. Finally, we expect SWAV to provide some near-term financial commentary, including some preliminary thoughts on next year, and potentially also issue initial '24 guidance."

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 $211.22 yesterday.

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