JP Morgan Maintains Underweight Rating and $70 PT on Edwards Lifesciences

A report from J.P. Morgan reiterates its Underweight rating and $70 price target on Edwards Lifesciences EW. The report states, “After the close Wednesday, the FDA announced the long awaited approval of Edwards' Sapien transcatheter valve for use in inoperable patients. The approval comes just slightly later than management's original October forecast,but, importantly from a marketing standpoint, just in time for the upcoming TCT conference (Nov 7-11). While the full label is not yet available, the language appears to be roughly in-line with expectations and we don't foresee any major surprises." EW closed yesterday at $74.37.