Glaukos price target lowered to $68 from $69 at Stephens

Stephens analyst George Sellers lowered the firm’s price target on Glaukos (GKOS) to $68 from $69 and keeps an Overweight rating on the shares. After valuations peaked in Med Tech in 2021, they declined throughout most of 2022 and after a volatile year he expects many medical device companies to use Q4 earnings season and conferences early in the year to reset expectations for 2023 lower, Sellers tells investors. While this is a headline risk to many of the companies he covers, he believes resetting expectations will allow companies to return to an environment where estimates trend higher throughout the year, Sellers added. Into 2023, he prefers companies that either expect to receive FDA approval for a device or treatment or that are new entrants to an existing market or geography, the analyst noted, calling out Glaukos, Cutera (CUTR), Staar Surgical (STAA) and Establishment Labs (ESTA) as among his favorite names.