Oppenheimer upgrades Edwards Lifesciences, says GLP-1 fears misplaced

Oppenheimer upgraded Edwards Lifesciences to Outperform from Perform with a $90 price target. The analyst views the stock’s risk/reward profile as attractive at these levels. GLP-1 fears vis-a-vis structural heart are misplaced, at least in the short-medium term, the analyst tells investors in a research note. The firm says investors should worry more about SGLT-2 inhibitors and drugs like Entresto slowing down patient referrals for Edwards. It believes transcatheter tricuspid valve replacement represents a $6B-plus opportunity for Edwards and that Evoque has a “significant first-mover advantage.”