JP Morgan raises Glaukos to buy; cites potential of iDose, iStent (NYSE:GKOS)
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JP Morgan raised its rating of Glaukos (NYSE:GKOS) to overweight, citing the company’s recently approved ophthalmology product iDose.
The investment bank said it was “hard not to stay bullish about the company’s outlook,” adding that the “biggest driver to watch” was iDose, which it sees as “having more notable benefit” in the second half of 2024 and “significant upside to numbers” in 2025 and beyond.
“The first half of the year will be dedicated to reimbursement and coverage efforts with minimal sales, but we expect to see adoption inflecting significantly in the second half of 2024 once the J-Code is in place,” the analysts wrote.
JP Morgan also thinks the company’s iStent product is “set to benefit longer term from upcoming LCD changes, even with some choppiness possible in the near term.”
The investment bank set its price target at $91.
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