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Medical Device equities were a darling niche leading up to the pandemic. Relative strength in the iShares U.S. Medical Devices ETF (IHI) actually notched new all-time highs against the S&P 500 ETF (
Edwards Lifesciences: Valuation Premium Earned, But Shares Are Not Cheap, Technicals Mixed
Summary
- Medical device stocks, including Edwards Lifesciences, have struggled in recent years, with EW's stock wavering amid uncertainty around its Transcatheter Aortic Valve Replacement procedure.
- Despite solid Q1 results and increased full-year sales guidance, risks remain regarding growth potential away from TAVR, leading to a hold rating on valuation.
- The technical picture is also mixed, with some recent weaknesses amid softer momentum.
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