Needham analyst Mike Matson initiated coverage of ShockWave Medical with a Buy rating and $240 price target. ShockWave’s intravascular lithotripsy technology has democratized the treatment of calcified lesions and opened an $8.5B-plus market that is only 6% penetrated, the analyst tells investors in a research note. The firm looks for the company to see "strong" revenue growth during 2023 and expects its margins and earnings to significantly outpace its revenue growth over the next few years. The shares are attractively valued considering the company’s revenue growth and earnings power, contends Needham.
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Read More on SWAV:
- ShockWave Medical initiated with a Buy at Needham
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- ShockWave Medical sees FY23 revenue $660M-$680M, consensus $658.58M