UPDATE: Credit Suisse Downgrades Edwards Lifesciences to Neutral
Credit Suisse lowers its rating on Edwards Lifesciences (NYSE: EW) to Neutral from Outperform as risk/reward ratio appears more balanced. It raises estimates going forward and target price on shares goes to $90 (previously $81).
Credit Suisse says, "We're raising our 2020 WW transcatheter aortic valve implant (TAVI) market/EW WW TAVI sales estimates to $3.8B/$1.7B from $3.0B/$1.3B based on the assumption of 2012 US TA approval (previously assumed 2016) & greater WW TAVI adoption 2015-2020. We believe these scenarios are now more likely following the impressive stroke/mortality data presented at STS. Our updated estimates, which imply 45% WW TAVI market share for EW in 2020, drive a 12% increase in our 2020 EW EBIT estimate. Our 2013 EPS estimate is raised to $3.61 from $3.54."
EW closed at $81.69 a share on Wednesday.
