Piper Sandler analyst Matt O’Brien initiated coverage of Staar Surgical with a Neutral rating and $65 price target. The company has developed a proprietary implantable collamer lens used in the correction of refractive disease, the analyst tells investors in a research note. The next generation of the product, EVO, has taken off in China and was recently approved in the U.S., says the firm. However, it believes domestic adoption will be gradual due to a lower incidence of refractive disease and cost. Piper also believes additional Chinese refractive growth will be incrementally more difficult due to the current penetration rate of EVO there.
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