Edwards Lifesciences price target raised to $110 from $105 at Truist

Truist analyst Richard Newitter raised the firm’s price target on Edwards Lifesciences to $110 from $105 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results in the MedTech sector. Across the market cap, there continues to be crowding in the strongest growth stories with a widening performance and valuation gap between “haves” and “have nots”, but while this could create some profit-taking, dips in these names will get bought if fundamentals are moving in the right direction, the analyst tells investors in a research note. For Edwards Lifesciences, its current earnings multiple premium relative to the broader market is justifiable given its double-digit top and bottom line growth prospects alongside total addressable market expansion opportunities and “durable” double-digit long-term end-market growth, the firm added.