UPDATE: BofA Securities Downgrades Shockwave Medical (SWAV) to Neutral While PT Rises to $200
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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."
Shares of Shockwave Medical closed at $189.26 yesterday.
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