UPDATE: Oppenheimer Downgrades Shockwave Medical (SWAV) to Underperform

April 1, 2020 6:06 AM EDT
Get Alerts SWAV Hot Sheet
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 - April 1, 2020 6:58 AM EDT)

(updated to add analyst comments)

Oppenheimer analyst Suraj Kalia downgraded Shockwave Medical (NASDAQ: SWAV) from Perform to Underperform with a price target of $23.00.

The analyst commented, "We are downgrading Shockwave Medical to Underperform from Perform, with 12- to 18-month PT of $23. Our newly established PT represents ~7x our FY21 sales estimate of $99M (vs. prior estimate of $120M). Our fundamental view has been that IVL lithotripsy is a good tool in the clinician's armamentarium in treating CAD and PAD. However, expectations on the incremental utility of IVL are misplaced, as highlighted in our initiation report dated 10/21/19. Our recent field checks continue to paint a tough picture for a number of companies in the space, and Shockwave's high multiple combined with the impact from COVID-19 procedure slowdown forces us to downgrade the stock."

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 $33.18 yesterday.


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