Stock market today: S&P 500 ends lower, but tech bounce on dip-buying stems losses
Edwards Lifesciences Corp stock has reached a new 52-week high, hitting 87.13 USD, underscoring a period of significant growth for the company. According to InvestingPro data, the stock’s RSI suggests it’s currently in overbought territory, with a market capitalization of approximately $50.4 billion. Over the past year, the stock has experienced a remarkable increase of 28.65% according to InvestingPro data, reflecting strong investor confidence and robust performance in the market. The company trades at a P/E ratio of 37.25, indicating investors are willing to pay a premium for its shares. This milestone highlights the company’s resilience and strategic advancements in the medical technology sector, contributing to its upward trajectory. As Edwards Lifesciences continues to innovate and expand its product offerings, market analysts will be closely watching to see if this momentum can be sustained in the coming months. InvestingPro analysis suggests the stock is slightly overvalued compared to its Fair Value, though analyst price targets reach as high as $105. Discover 13 more exclusive ProTips and comprehensive analysis in the Pro Research Report, available for over 1,400 US equities through InvestingPro.
In other recent news, Edwards Lifesciences reported impressive third-quarter results, with a 12.6% year-over-year increase in revenue, totaling $1.55 billion. This figure surpassed both analyst expectations and the company’s own forecasts. The company’s adjusted earnings per share also exceeded predictions, coming in at $0.67, compared to the anticipated $0.59. Following these strong results, several analyst firms have adjusted their outlooks on Edwards Lifesciences. Bernstein raised its price target to $90, maintaining a Market Perform rating, citing growth in the transcatheter aortic valve replacement segment. Canaccord Genuity also increased its price target to $84 while keeping a Hold rating. Meanwhile, Raymond James upgraded the stock to Outperform, setting a price target of $96, noting fewer reasons to remain neutral on the company’s prospects. These developments reflect a positive consensus among analysts regarding Edwards Lifesciences’ recent performance.
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