Oppenheimer initiated coverage of Silk Road Medical with an Outperform rating and $30 price target. Silk Road has pioneered the TCAR hybrid approach to carotid stenting for stroke prophylaxis and has seen a strong four-year revenue compound annual growth rate of 42%, leading the firm to have a “constructive stance” on the shares. The July NCD proposal from CMS to create reimbursement parity between TCAR and an alternative approach has “come as a shock” and caused “some downward adjustments” in the outlook, but the firm’s due diligence “suggests a short-term impact,” the analyst tells investors.
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