JPMorgan has upgraded Edwards Lifesciences from “Neutral” to “Overweight,” pointing to accelerating growth across the company’s transcatheter cardiovascular technology portfolio and strengthening long-term fundamentals. The bank also lifted its price target on the stock to US$100 from US$90, implying an upside of about 18% from trading levels at the time of the upgrade.
Shares of Edwards Lifesciences were trading around US$86.79 as of December 22, giving the medical device maker a market capitalisation of approximately US$50.4 billion. The stock is trading near its 52-week high of US$87.89, reflecting growing investor confidence following a series of positive clinical, commercial and financial developments.
JPMorgan’s upgrade is anchored in the company’s core growth engines, particularly its Transcatheter Aortic Valve Replacement (TAVR) franchise and its expanding Transcatheter Mitral and Tricuspid Therapies (TMTT) business. The firm noted that Edwards continues to benefit from solid procedural growth and improving adoption rates, supported by an ageing global population and rising demand for minimally invasive cardiovascular treatments.
The bank also highlighted strong technology momentum, citing encouraging clinical data that could further expand Edwards’ addressable market. Of particular importance is the PARTNER 3 seven-year low-risk data, which reinforces the durability and long-term performance of Edwards’ TAVR systems. JPMorgan added that a potential change to the US national coverage determination for asymptomatic patients, expected to be considered in 2026, could unlock a new wave of demand and materially boost procedure volumes.
On the structural heart side, JPMorgan pointed to the successful commercialisation of Edwards’ TMTT products, including the Evoque and Pascal systems. These devices are seeing growing uptake as treatment options for mitral and tricuspid valve disease remain underpenetrated relative to aortic interventions. The bank said early commercial traction and expanding physician confidence suggest the TMTT segment could become a meaningful growth driver over the next several years.
From a financial perspective, Edwards Lifesciences has continued to deliver improving performance. The company recently raised its full-year 2025 guidance for both sales and adjusted earnings per share, reflecting stronger-than-expected execution and demand trends. At current levels, the stock trades at a price-to-earnings ratio of just over 37, which JPMorgan believes is justified given the company’s growth visibility, premium technology platform and expanding margins over the medium term.
Across Wall Street, sentiment on Edwards remains broadly constructive. The stock carries a consensus “Moderate Buy” rating, with an average analyst price target of about US$93.95, now below JPMorgan’s more bullish US$100 view. The upgrade adds to a growing sense that Edwards Lifesciences is entering a new phase of growth, driven by innovation, clinical validation and a widening global opportunity in transcatheter heart therapies.
