On Thursday, TD Cowen adjusted its outlook on Edwards Lifesciences (NYSE: NYSE:EW), a prominent player in the medical technology industry, by increasing the price target to $75 from the previous $70 while maintaining a Hold rating on the company's shares. The adjustment follows Edwards Lifesciences' annual investor day, where the company presented a favorable multiyear outlook that caught the market's attention.
Edwards Lifesciences' shares experienced a rally after the company reiterated its 2024 guidance and introduced its 2025 projections, which are in line with current market estimates. Looking further ahead, the company has set ambitious goals, including a return to double-digit annual revenue growth and sustaining double-digit growth in earnings per share (EPS).
The company's Transcatheter Aortic Valve Replacement (TAVR), Transcatheter Mitral and Tricuspid Therapies (TMTT), and Surgical units are all identified as having numerous growth catalysts that could drive future performance.
During the investor day, Edwards Lifesciences provided a detailed forecast for the remainder of 2024 and the upcoming years through 2026. For 2024 in particular, the company confirmed its corporate-wide sales growth guidance, excluding foreign exchange impacts, to be between 8% and 10%. This reiteration serves as a reassurance to investors that the company's growth trajectory for the year aligns with prior expectations.
The price target increase reflects the analyst's recognition of Edwards Lifesciences' potential for sustained growth and the execution of its strategic objectives. The Hold rating suggests that while the company is poised for growth, the firm advises investors to maintain their current positions in the stock until further developments potentially alter the investment outlook.
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