As previously reported, Needham analyst Mike Matson downgraded Teleflex to Hold from Buy and removed the firm’s previous $291 price target following checks that indicate that urologists are reducing their use of UroLift due to its retreatment rates, reimbursement cuts, and increasing use of competing procedures. The checks are supported by the firm’s Google Trends analysis, which shows decreasing search interest in UroLift. In addition, the company’s Manta large-bore closure device, another important growth driver, may face competition in the U.S. as soon as 2024, adds the firm, which contends that consensus revenue and EPS estimates are “likely too high.”
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