Glaukos initiated with a Buy at Truist

Truist initiated coverage of Glaukos with a Buy rating and $88 price target. The analyst says Glaukos one of the few publicly traded ophthalmic medical technology companies focused on the large, under-penetrated glaucoma market. The company is “on the precipice of a transformational” new product launch with iDose, which should enter it into a multi-billion dollar sustained-release implant opportunity, the analyst tells investors in a research note. When combined with improving trends in the U.S. glaucoma business, Truist sees Glaukos revenue growth accelerating to 20%-plus in 2025.