TD Cowen analyst Josh Jennings maintained a Buy rating on TransMedics Group today and set a price target of $120.00.
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Josh Jennings has given his Buy rating due to a combination of factors that point to meaningful upside beyond the muted Q1 print and unchanged $120 target. Management emphasized that softer donor volume data largely reflects temporary OPO-related volatility, while TransMedics continues to win share by enabling use of organs that would normally be declined, a trend not captured in public flight or OPTN datasets.
Jennings also highlights that upcoming IDE amendment approvals for the Enhance Part B and Denovo studies, expected around Q3, should unlock new trial‑related revenue streams, including product, service, and logistics fees even from control arms via CHOPS. With enrollment in Enhance Part A already at or beyond the midpoint and multiple growth drivers slated for the back half of 2026 and beyond, he views current guidance as conservative and sees a favorable setup for accelerating growth that supports maintaining the Buy rating and $120 price target.
In another report released on May 11, Canaccord Genuity also maintained a Buy rating on the stock with a $124.00 price target.