Why ShockWave Medical Stock Is Sinking Today
Shares of ShockWave Medical (NASDAQ: SWAV) were sinking 14.5% as of 11:43 a.m. EDT on Wednesday. The drop came after Oppenheimer analyst Suraj Kalia downgraded the medical device stock to an underperform rating with a one-year price target 31% lower than ShockWave's closing price on Tuesday.
Wall Street analysts' downgrades (and upgrades) should be taken with a grain of salt. There's a built-in incentive for analysts to focus on the short term rather than the long term.
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Source Fool.com