UPDATE: Piper Sandler Upgrades Shockwave Medical (SWAV) to Overweight (correction)
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Piper Sandler analyst Adam Maeder upgrades Shockwave Medical (NASDAQ: SWAV) to Overweight rating (from Neutral) and a price target of $165.00 (from $165.00).
The analyst comments "We are upgrading shares of SWAV to OW (from N) behind the company’s fast start to U.S. coronary launch and continued momentum in peripheral. While we always viewed coronary to be the best application for the technology, we did not envision such robust uptake in the U.S. market out-of-the-gate. Yes, it’s still relatively early days, but we are feeling more comfortable about the company’s ability to meet (and exceed) the Street’s lofty expectations here. Additionally, we are pleased to see the strong continued growth in peripheral and believe this segment remains underappreciated by some investors. Simply put, SWAV is clicking on all cylinders (as reflected by the FY ‘21 guidance) and we believe shares are poised to go higher. Importantly, management has historically been thoughtful/prudent with its guidance and we suspect SWAV has baked in an appropriate amount of conservatism to firmly position itself as a beat-and-raise story going forward."
Shares of Shockwave Medical closed at $134.80 yesterday.
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