Piper says buy Glaukos as Avedro deal has 'homerun potential'
Piper Jaffray analyst Matt O'Brien believes Glaukos' (GKOS) acquisition of Avedro (AVDR) has "homerun potential." In the near-term, Avedro should quadruple Glaukos' total addressable market to $4B and accelerate its revenue growth in 2020, "plugging the gap ahead of iDose," O'Brien tells investors in a research note following a deep dive analysis. Longer term, Glaukos is "putting together the pieces of what could become an ophthalmology powerhouse," addressing a potential opportunity of greater than $40B, adds the analyst. He "strongly" encourages investors to take a look at the Glaukos story today as he sees at least $80 per share of value in just the base businesses alone. O'Brien reiterates an Overweight rating on the shares with an $80 price target. GKOS AVDR