Mizuho upgrades Glaukos to Outperform on ‘bullish’ iDose checks

Mizuho upgraded Glaukos (GKOS) to Outperform from Neutral with a price target of $200, up from $140. The firm says its “bullish” key opinion leader checks indicated the “disruptive potential” of iDose across the U.S. glaucoma treatment landscape over the next several years. The checks show the “substantial lead” that Glaukos has in the drug-device combo setting, the analyst tells investors in a research note. Mizuho believes iDose can drive up to $7 in adjusted earnings per share by 2030 for Glaukos on modest U.S. penetration assumptions. It believes $1B-plus in sales by 2030 is reasonable. The firm believes the iDose “upside is substantial.”