Stifel has reiterated a Buy recommendation and raised its price target on Glaukos Corporation to $160, maintaining that the upside on the stock remains compelling despite regulatory and coverage uncertainties. At the time referenced by analysts, the share price was $107.09, which Stifel says implies nearly 50% upside to the $160 target. Separate market data noted that the shares are trading above their Fair Value.
Survey work and LCD considerations
The research team surveyed 30 respondents to gauge near-term catalysts for iDose and to quantify the potential impact of Local Coverage Determination - LCD - limitations. Respondents signaled that combination utilization restrictions represent a meaningful LCD risk. The survey also revealed higher-than-anticipated combination iDose procedures, but Stifel’s scenario modeling concluded the aggregate risk-reward profile remains favorable.
Commercial checks and timing of adoption
Stifel’s channel checks flagged encouraging early signs that iDose utilization could expand among commercial and Medicare Advantage patient cohorts. Based on those checks, the firm said it is increasingly confident these payer segments will contribute at least a small incremental lift for iDose in 2026, with a more material effect expected in 2027.
Additional January checks across 55 respondents supported the bullish view, showing stronger-than-expected first-quarter 2026 volume expectations and robust re-administration estimates under the newly approved label for iDose TR.
Financial backdrop and upcoming catalyst
While Stifel points to growth opportunities, company-level profitability remains a limitation in the near term. Data covering the last twelve months show Glaukos produced a diluted EPS of -$1.54. At the same time, Glaukos reported robust top-line momentum, with revenue growth of 30.38% over the same trailing twelve-month period.
Investors will have a nearer-term opportunity to reassess company results and iDose trends when Glaukos releases quarterly results on February 17.
Preliminary fourth-quarter 2025 results and label expansion
Glaukos announced preliminary fourth-quarter 2025 revenue of $143 million, representing a 36% year-over-year increase and coming in about 10% above analyst expectations. U.S. glaucoma sales were reported at $86 million, roughly 5% higher than consensus forecasts, while iDose revenue was disclosed at $45 million, in line with expectations. International glaucoma sales were approximately $33 million, about 6% above the expected $31 million.
Regulatory developments also contributed to the recent outlook. The U.S. Food and Drug Administration approved a labeling supplement for iDose TR that allows re-administration in patients with a healthy cornea, expanding potential treatment flexibility for clinicians managing glaucoma over the long term.
Analyst and market reactions
Following these developments, another firm, BTIG, increased its price target for Glaukos to $131 and maintained a Buy rating. Stifel reiterated its Buy stance and reiterated the $160 target, attributing the raise to positive survey evidence around Epioxa and projecting an "Epioxa-driven 2027+ growth acceleration story." Stifel described itself as "strong buyers" of the shares.
Balance sheet and additional resources
Stifel highlighted Glaukos’s liquidity position, noting a current ratio of 5.2, which indicates liquid assets substantially exceed short-term obligations. For readers seeking deeper financial detail, the analysis referenced access to expanded financial health metrics and additional ProTips available through InvestingPro, including a full Pro Research Report and nine supplemental ProTips.
Overall, Stifel’s view balances the revenue momentum and regulatory advances with LCD and profitability considerations, leaving the firm constructive on Glaukos as it heads into upcoming public disclosures and expected commercial expansion for iDose and Epioxa into 2027.