UPDATE: BofA Securities Downgrades Shockwave Medical (SWAV) to Neutral While PT Rises to $200

July 12, 2021 6:49 AM EDT
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Price: $227.05 -1.73%

Rating Summary:
    3 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 15 | New: 24
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(Updated - July 12, 2021 9:12 AM EDT)

BofA Securities analyst Bob Hopkins downgraded Shockwave Medical (NASDAQ: SWAV) from Buy to Neutral while raising the price target to $200.00 (from $180) do to its high valuation after rising 80+% YTD.

The analyst stated "Based on our SMID valuation framework, SWAV would need to generate close to $1.5bln in sales by 2025 to justify a 20% annual return, which we view as optimistic. Despite our downgrade, we are raising our 2021 and 2022 revenue estimates by $35m and $65m given the bullish feedback we continue to receive from doctors on SWAV’s coronary launch. Our new revenue estimates are just slightly below consensus."

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 $189.26 yesterday.

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Analyst Comments, Analyst EPS Change, Analyst PT Change, Downgrades