Wolfe Research downgraded ShockWave Medical to Peer Perform from Outperform without a price target. The potential takeover by Johnson & Johnson (JNJ) “is real” but ShockWave’s risk/reward is now unfavorable around $320 per share, the analyst tells investors in a research note. The firm sees a deal in the $325-$340 per share range, against a no deal price of $260 per share.
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