Canaccord ups ShockWave Medical PT to $50 from $39

Canaccord Genuity raised its price target for ShockWave Medical (NASDAQ:SWAV) to $50 from $39 after the company’s first quarter results beat consensus estimates.

Shares of ShockWave were quoted at $49.86, up $7.01, or 16% at midday on May 9.

Shockwave is a medical device company focused on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated.

Analyst Jason Mills writes that Shockwave’s developing “access” strategy, expanded sales force (growing reps 50% during 2019 to more than 60) and ramping sales productivity are “all very bullish leading indicators of strong future growth, portending upside to new guidance (in our view) and our estimates, which we raise for 2019-to-2022.”

He said the company remains on track to commence a full-market launch of its S4 BTK catheter in the fourth quarter, which “we anticipate will drive meaningful acceleration in this product line as early as that quarter, given the difficult nature of these lesions (long, diffuse, heavily calcified) and large unmet need.”

ShockWave is guiding for 2019 full-year sales in the range of $33-million to $36-million, a year-over-year increase of 169% to 194%. Mr. Mills is forecast 2021 revenue of $134-million.


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