BofA confident on Shockwave Q3 and heart device sales; raises PT

Shockwave Medical

07/11/2022 15:32

** Bank of America Global Research raises price objective
for Shockwave Medical Inc.  SWAV.O  to $310 from $260 on
expectation of a strong third-quarter and heart device sales;
remains 'buy' on the stock 
    ** Says currency exchange with strong dollar implies
headwinds, but co states majority payments in dollar 
    ** Brokerage estimates more sales in dollars to result in an
impact of less than $1 million, from previous quarter 
    ** Adds the medical devices maker has a total addressable
market size of $1.5 bln for heart devices, of which Wall Street
models SWAV to have $292 mln in FY22 sales, or a 20% market
penetration 
    ** SWAV currently trades ~0.3% lower at $273.55, from last
close
    ** Co is to post its Q3 results on Monday, after markets
close 
    ** YTD, the stock is up ~53%, including session moves 
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))