Cardiovascular Systems initiated with an Equal Weight at Barclays

Barclays analyst Matt Miksic initiated coverage of Cardiovascular Systems (CSII) with an Equal Weight rating and $15 price target. The company has faced competitive pressure in peripheral over the past two years from Shockwave’s (SWAV) intravascular lithotripsy system, and this will continue for at least another 12-18 months, Miksic tells investors in a research note. The analyst says that while recent and upcoming product launches will likely help offset this pressure, he does not expect Cardiovascular Systems’ flagship peripheral business to turn a corner in a significant way until fiscal 2024.