Following NCD Proposal, We See Continued Tailwinds for EW's TAVR Segment; Raising PT from $100 to $110

研报英文原文证据摘录

Following NCD Proposal, We See Continued Tailwinds for EW's TAVR Segment; Raising PT from $100 to $110

June 30, 2026 Edwards Lifesciences Corporation

(EW, Buy, $110 PT)MEDICAL Marie Thibault

Following NCD Proposal, We See Continued Tailwinds for EW's TAVR (212) 527-3557 mthibault@btig.com

Segment; Raising PT from $100 to $110 Alexandra Pang

(332) 400-5092 apang@btig.com

WHAT YOU SHOULD KNOW: Edwards Lifesciences, our 2026 Top Pick, has Sam Eiber outperformed its large-cap MedTech peers in recent weeks. As shares continue to (212) 588-6516 seiber@btig.com

outperform, we reflect on the company's recent wins and what catalysts are still to Company Data

come. While acknowledging EW's P/E multiple is above its peers, we also think the

Closing Price $91.18TECHNOLOGY company's sales and EPS growth profile are likely to outpace the peer group and that

coming catalysts can potentially expand the TAM and keep investors involved. We Price Target $110.00

believe the recently proposed CMS national coverage determination (NCD) will be a Market Cap (M) $52,948.23AND positive tailwind for EW's TAVR segments for years to come (see our initial note here). Enterprise Value (M) $49,746.35

We continue to think EW's investments in its field salesforce, patient access initiatives, Shares Out (M) 580.70

and awareness of early intervention can help boost TAVR procedure volumes this year Avg Daily Vol-3 Months (M) 5.2

and in the outyears. We believe that as investors continue to favor companies with

achievable guidance and a stable competitive landscape, EW remains an attractive RevisionsDIGITAL investment. We raise our EW price target from $100 to $110 after increasing our P/E Previous Current

valuation multiple by 1.5 turns, from 29x to 30.5x our 12-24 month adj. EPS forecast. Rating Buy Buy