JPMorgan analysts raised Glaukos Corporation (NYSE:GKOS) to Overweight from Neutral in a note Thursday, lifting the stock price target to $91 from $66 per share.
The analysts told investors that there is no shortage of tailwinds for the company, highlighting iDose and LCDs.
They said that in 2023, anticipation for iDose and a string of positive reimbursement wins helped GKOS shares stay incredibly resilient against GLP-1 fears that negatively impacted the rest of the sector.
"When combined with a string of better-than-expected quarters off of low expectations, shares outperformed significantly against the broader SMid-cap group, with GKOS up +72% from 1Q3Q even as other SMids were down 3%," they wrote. "Looking ahead to 2024, it's hard not to stay bullish on the company's outlook, as it's set to benefit from initial uptake of iDose at a much higher ASP than previously contemplated, growing adoption of Infinite as coverage wins bear fruit, and LCDs unfavorable to competitor technologies that will ultimately begin benefitting iStent."
The investment bank sees the company's bullish outlook driving a compelling beat-and-raise story in 2024 that they believe should support estimate revisions in 2025 and further ahead as well.