Heartflow

HTFL · NASDAQ

$55.59+$4.57 (+8.96%)TodayMarket closed · Oct 20, 7:58 PM ET

Prev close $51.02

HTFL analyst rating

BuyConsensus of 10 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy8
Hold2
Underperform0
Sell0

12-month price target · 11 analysts

Average $47.05 (−15.4% downside)

Low: $39.39
Now: $55.59
High: $58.80

Upgrades and downgrades

The latest rating actions, newest first

HTFL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Oct 20, 2026	Maintains	Overweight	$45.00 → $64.00	89%
Canaccord Genuity	Sep 22, 2026	Maintains	Buy	$45.00 → $56.00	44%
UBS	Sep 9, 2026	Initiates	Neutral	$55.00	59%
Canaccord Genuity	Aug 14, 2026	Maintains	Buy	$37.00 → $45.00	44%
Morgan Stanley	Aug 14, 2026	Maintains	Equal-Weight	$35.00 → $40.00	43%
Piper Sandler	Aug 14, 2026	Maintains	Overweight	$38.00 → $45.00	89%
JP Morgan	Aug 14, 2026	Maintains	Overweight	$35.00 → $45.00	56%
Wells Fargo	Aug 14, 2026	Maintains	Overweight	$37.00 → $39.00	54%
Stifel	Aug 14, 2026	Maintains	Buy	$40.00 → $45.00	62%
Baird	Jul 31, 2026	Initiates	Outperform	$34.00	64%

The case for and against

Updated Oct 18, 2026

Bull case

HeartFlow is benefiting from broad-based operating momentum, as Q2 revenue rose 48% y/y to $64.1M, led by FFRCT sales of $51.8M and plaque sales of $7.8M, both ahead of expectations. Management’s FY26 revenue guidance increase to $246M-$250M, alongside higher gross margin expectations of 82% and Q2 adjusted gross margin of 83.3%, suggests accelerating scale and operating leverage rather than a one-quarter anomaly. The outlook is further strengthened by rising account activations, record ordering physicians, positive reimbursement dynamics for plaque, and three clinical trials that could expand the TAM by about $6 billion.

Bear case

HeartFlow is viewed negatively because, despite a promising underpenetrated $5 billion U.S. market and a 2025-2028E revenue CAGR of 25%, the stock already relies on a premium valuation that assumes strong execution and sustained growth. The investment case also depends heavily on reimbursement-driven upside from plaque analysis and new account adds, while its 2026E revenue projection of $305.8 million and gross margin outlook of 75%+ rising toward the mid-80s by 2028 still leave substantial expectations embedded. That optimism is tempered by meaningful fundamental risks, including sales force and commercial execution, competition, reimbursement changes, financial risk, and dependence on a single technology/product portfolio.

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