UPDATE: J.P. Morgan Reiterates Neutral Rating, $87 PT on Edwards Lifesciences Corp.

In a report published Monday, J.P. Morgan & Co. reiterated its Neutral rating and $87.00 price target on Edwards Lifesciences Corp.

. J.P. Morgan noted, “We view TAVR as one of the most exciting opportunities in MedTech over the next decade, with WW sales projected to approach $1.6B by 2015. Edwards is uniquely positioned to lead the way in this market, in our view. And while questions about the ultimate pace of market expansion persist, we also believe that Edwards has the potential to drive industry leading growth over the next few years as it reaps the benefits of the Sapien US launch. Our model calls for the company to post a 21% EPS CAGR in 2011-2015, making it arguably the most attractive growth story in the industry over the next few years. As a result, despite the fact that EW shares currently trade at 35x our NTM EPS estimate and 23x NTM EBITDA, making it the most expensive stock in our mid- to large-cap coverage universe, we see the risk/reward for the shares as at least balanced at current levels.” Edwards Lifesciences Corp. closed on Friday at $86.14.