ShockWave Medical downgraded to Hold from Buy at Needham

Needham analyst Mike Matson downgraded ShockWave Medical (SWAV) to Hold from Buy following the recently announced agreement for an acquisition of the company by Johnson & Johnson (JNJ). The acquisition will complement JNJ’s other cardiovascular businesses, including Abiomed and Laminar, the analyst tells investors in a research note. The offer also values ShockWave Medical fairly, and the firm does not expect any antitrust issues due to a lack of product overlap, Needham states, adding that a higher bid for the company is unlikely.