Needham raised the firm’s price target on ShockWave Medical to $286 from $260 and keeps a Buy rating on the shares after its Q4 earnings beat. The company’s Coronary sales beat consensus while peripheral sales missed estimates, the analyst tells investors in a research note. ShockWave management also noted that the prior authorizations headwind among peripheral patients has stabilized, but China’s anti-corruption campaign continued to hurt IVL adoption and is expected to cause a ~$10-20M negative impact in 2024, the firm added.
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