Glaukos initiated with a Neutral at Mizuho

Mizuho analyst Anthony Petrone initiated coverage of Glaukos with a Neutral rating and $48 price target. The analyst sees potential for recent iStent launches to offset headwinds from lower Centers for Medicare and Medicaid Services reimbursement for combo MIGS devices in the second half of 2023. However, his estimates through 2025 are 1% below consensus, reflecting Glaukos’s U.S. Glaucoma inflection toward the second half of next year coupled with continued elevated R&D spend.