EW - Edwards Lifesciences upgraded at JP Morgan despite recent outperformance
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.
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Edwards Lifesciences upgraded at JP Morgan despite recent outperformance