Let's Get Sentimental: Investor Feedback / Hot Topics - June 5 - June 18

Research evidence excerpt

Let's Get Sentimental: Investor Feedback / Hot Topics - June 5 - June 18

n more true after the positive update yesterday from STMN (not covered) – the

Anna Runci

space is generally viewed as one that is turning a corner with growth relative to sluggish Research Analyst, Piper Sandler & Co.

performance and choppy execution from the past few years, but investors are far from 212 466-7905, anna.runci@psc.com

piling into dental stocks as there’s obvious consumer sensitivity (that’s especially true for Andrea Irawan

ALGN) and volume growth is still anemic in low-single digit territory. Finally, some of the Research Analyst, Piper Sandler & Co.

shine has seemingly come off MDLN in the eyes of investors after a series of unfortunate 212 284-9587, andrea.irawan@psc.com

headlines, and while it's debatable how much the stock should be penalized when some

INDUSTRY RISKS of the issues (recall, warning letter) aren't uncommon for large and diverse medtech

companies, the more recent facility fire does create added noise and uncertainty in the Competition, Pricing Pressure, Reimbursement

near term for what was a squeaky clean story at the time of the IPO.

• Maeder Coverage. Starting in large cap with ABT, we get the sense that the sentiment

pendulum is slowly starting to shift less negative behind the prospects of accelerating

growth and attractive valuation. ISRG sentiment remains negative despite what we

believe are strong fundamentals, while EW sentiment continues to skew positive. Moving

into SMID-cap, GKOS has become more of a battleground stock with the majority of the

investor focus on the draft iDose LCD. Finally, most investors we talk to are positively

inclined on LIVN behind the combination of potential numbers upside and additional

multiple expansion.

• O'Brien Coverage.