Glaukos price target raised to $70 from $57 at Stephens

Stephens analyst Chris Cooley raised his price target on Glaukos (GKOS) shares to $70 from $57 following talks with key opinion leaders and a review of the FDA MAUDE database. The KOL discussions and database review lead Cooley to conclude that the adverse event profile that lead Novartis (NVS) to withdraw the CyPass Micro-Stent is device specific and not indicative of a class issue and that Glaukos’ long-term growth prospects and strategic value are both notably enhanced by the event. He maintains an Overweight rating on Glaukos shares.
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