Wells Fargo analyst Larry Biegelsen upgraded Glaukos to Overweight from Equal Weight with a price target of $83, up from $75. The firm cites two recent positive reimbursement updates and the upcoming launch of iDose, which it believes represents a significant growth driver, for the upgrade. A Medicare administrative contractor-issued a final local coverage decision which restricts certain microinvasive glaucoma surgery procedures should be a net benefit to Glaukos as many competitive procedures shift to stents, the analyst tells investors in a research note. Wells says its model updates put its estimates well above consensus in 2024 and beyond.
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