A breast implant maker's stock could climb as GLP-1 market booms, TD Securities says

Establishment Labs is likely to get a big boost as the proliferation of GLP-1s seems to have fueled demand for breast augmentation procedures, according to TD Securities.

The bank has a buy rating on the breast implant maker. It also has a $117 price target on shares, suggesting 68% upside from Tuesday's close.

"GLP-1s may be expanding ESTA's breast implant market just as its portfolio broadens," TD Securities' Joshua Jennings said Wednesday in a note to clients. "U.S. breast augmentation procedure growth accelerated by 10% as the Motiva [line of breast implants] launch and GLP-1-driven weight loss has fueled increased demand." GLP-1 use in the U.S. has risen as of late.

Roughly one in eight adults reported taking a GLP-1 like Ozempic in 2025, marking an increase in use of the class of drugs over the past few years, according to a poll conducted by The Kaiser Family Foundation.

Meanwhile, statistics from the American Society of Plastic Surgeons show that the U.S. cosmetic surgery market accelerated sharply to 7% growth in 2025, while breast augmentation volumes increased 11% and breast lifts jumped 8%, per TD Securities. In addition, cosmetic procedures most commonly linked to post-weight loss patients grew last year by more than 20% in multiple categories, the same data shows.

"We see this new trend as a big positive for our bullish ESTA investment thesis, with [a line of breast implants by Establishment Labs called] Preservé only in limited U.S. launch in 2025 and positioned to further expand the market," Jennings wrote. TD Securities' call lines up with consensus. All nine analysts covering Establishment Labs have a buy or strong buy on the stock, LSEG data shows.

Shares rose nearly 4% in the wake of the call, putting the stock's year-to-date losses at about 1%.