Glaukos initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Glaukos with an Equal Weight rating and $65 price target. Glaukos is the market leader for stents in the concomitant space, but the next leg of growth is predicated on successful pipeline launches into adjacent markets as combo market growth is decelerating, the analyst tells investors. While the firm thinks pipeline products look “promising,” there are regulatory and clinical milestones still to come, the analyst added.