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- Despite the ~31.1% YTD gain in its shares, JP Morgan has upgraded Edwards Lifesciences (EW +2.5%) to Overweight from Neutral, arguing that despite its recent outperformance, “there’s still more room to run.”
- The analysts led by Robbie Marcus think that company management announced a “reasonable” outlook for 2022 at its recent investor day. Given the company’s conservative estimates in the past and momentum in its business, more room for outperformance is likely, they added.
- Specifically, the team is optimistic about the company’s Transcatheter Aortic Valve Replacement (TAVR) and Transcatheter Mitral and Tricuspid Therapies (TMTT) segments. The price target raised to $140 from $114 per share implies a premium of ~17.1% to the last close.
- In December, Bullish ratings on Edwards Lifesciences (NYSE:EW) have ticked higher on Wall Street. During Q3 2021, the company failed to meet the analyst estimates for the first time after 11 consecutive quarterly revenue beats.