In a report released today, William Plovanic from Canaccord Genuity maintained a Buy rating on Shockwave Medical (SWAV – Research Report), with a price target of $263.00.
William Plovanic’s Buy rating for Shockwave Medical is grounded on the company’s strong performance and strategic positioning. The Q4/23 revenue outperformance, primarily driven by the U.S. Coronary segment, surpassed both his expectations and consensus estimates, suggesting robust operational momentum. Plovanic also notes the successful launch of the C2+ device and anticipates this, along with new Diagnosis Related Groups (DRGs), to continue bolstering the Coronary business. Despite challenges in the U.S. Peripheral segment due to policy changes at Aetna, he is optimistic about the segment’s recovery in the second half of FY24, catalyzed by promising product launches.
Moreover, Plovanic recognizes the potential risk from the expiration of transitional pass-through (TPT) payments affecting coronary outpatient reimbursement. Nevertheless, he believes the company’s positive outlook for coronary inpatient reimbursement and the strategic launch of the C2+ device, combined with the anticipated boost from new Peripheral products, will provide sufficient offset to this challenge. The upward revision of the price target to $263 is a reflection of these factors, along with an increased premium relative to the company’s peers and confidence in its growth trajectory.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $285.00 price target.
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Shockwave Medical (SWAV) Company Description:
Shockwave Medical, Inc. operates as a medical device company. It focuses on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated. The firm offers M5 catheters for treating above-the-knee peripheral artery disease; C2 catheters for treating coronary artery disease; and S4 catheters or treating below-the-knee peripheral artery disease. The company was founded by Daniel Hawkins, John M. Adams, and Todd J. Brinton in 2009 and is headquartered in Santa Clara, CA.
Read More on SWAV:
- Shockwave Medical Reports Fourth Quarter and Full Year 2023 Financial Results
- SWAV Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Shockwave Medical Announces Regulation FD Disclosure Update
- Shockwave Medical Names Renee Gaeta New CFO
- Shockwave Medical Appoints Renee Gaeta as Chief Financial Officer
