UPDATE: Oppenheimer Downgrades Shockwave Medical (SWAV) to Underperform
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(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."
Shares of Shockwave Medical closed at $33.18 yesterday.
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