Shockwave Medical (SWAV) PT Raised to $149 at Canaccord Genuity
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Canaccord Genuity analyst William Plovanic raised the price target on Shockwave Medical (NASDAQ: SWAV) to $149.00 (from $147.00) while maintaining a Buy rating.
The analyst commented, " Shockwave Medical announced preliminary Q1/21 revenue as well as metrics related to the recent commercial launch of its C2 coronary product this morning, prior to an investor meeting. The company expects Q1/21 revenue to be in the range of$31.0-32.0M (a Y/Y increase of 104%-111%). This compares to our estimate of $23.8Mand consensus estimate of $24.9M. Shockwave also released metrics related to the C2launch that were very encouraging given the product has been commercially available for only ~6 weeks. This included over 120 accounts who have purchased the product already, with an average of 6 units per account. Further, ~50% of U.S. accounts that have initiated launch have completed the launch training activities and are able to use IVL independently – showing that SWAV’s strategy is working. We have updated our estimates to reflect the Q1/21 revenue preannouncement as well as the encouraging adoption trends of C2. We maintain our BUY rating and raise our PT to $149 from $147."
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