The Irvine, CA-based company is focused on technologies that treat structural heart disease and critically ill patients, including the development and commercialization of heart valve therapies.
The price target hike comes as the company has led the development of the transcatheter aortic valve replacement (TAVR) market, the firm said. The TAVR market will continue its development in 2016 with a potential FDA label expansion to include intermediate risk patients.
"Add in a strong balance sheet, good cash generation, and a series of upcoming pipeline catalysts (US intermediate risk indication approval, start of US low risk trial, Sapien 3 Japanese approval, etc.), and we find ample reasons to be bullish on Edwards," JPMorgan said in an analyst note.
Shares of Edwards Lifesciences closed at $79.82 on Monday.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate EDWARDS LIFESCIENCES CORP as a Buy with a ratings score of B. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.