BofA downgraded Silk Road Medical to Underperform from Buy with a price target of $28, down from $51, after the Centers for Medicare & Medicaid Services posted its draft guideline on coverage for Percutaneous Transluminal Angioplasty of the Carotid Artery Concurrent with Stenting. If finalized, CAS will have “essentially the same coverage as TCAR” and while Silk Road “still frames this as a positive,” BofA thinks investors will see potential risk to out-year revenue estimates. While it is hard as of now to know the impact to the model, uncertainty is “never good,” the analyst added.
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