TD Securities Says GLP-1 Use May Boost Establishment Labs Demand

According to CNBC, TD Securities said Establishment Labs is likely to benefit as wider GLP-1 use appears to be increasing demand for breast augmentation procedures. The firm kept a buy rating on the breast implant maker and set a $117 price target, implying 68% upside from Tuesday's close. TD Securities analyst Joshua Jennings said GLP-1s may be expanding ESTA's breast implant market as its portfolio broadens, and noted that U.S. breast augmentation procedure growth accelerated 10% as the Motiva launch and GLP-1-driven weight loss lifted demand. The note also said roughly one in eight U.S. adults reported taking a GLP-1 such as Ozempic in 2025, according to a Kaiser Family Foundation poll, while American Society of Plastic Surgeons data showed U.S. cosmetic surgery market growth accelerated to 7% in 2025, breast augmentation volumes rose 11%, and breast lifts increased 8%. TD Securities said cosmetic procedures most often linked to post-weight-loss patients grew by more than 20% in multiple categories last year. Jennings also said Preservé, a breast implant line from Establishment Labs, is in a limited U.S. launch in 2025 and could further expand the market. Shares rose nearly 4% after the call, leaving the stock down about 1% for the year.