UPDATE: JP Morgan Reiterates Neutral Rating, Raises PT on Edwards Lifesciences
In a report published Wednesday, JP Morgan & Co. reiterated its Neutral rating on Edwards Lifesciences (NYSE: EW), and raised its price target from $86.00 to $88.00.
JP Morgan noted, “We view TAVR as one of the most exciting opportunities in MedTech over the next decade, with WW sales projected to approach $1.7B by 2016. Edwards is uniquely positioned to lead the way in this market, in our view. 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 16% EPS CAGR in 2012-2016, 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 28x our NTM EPS estimate and 18x 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 closed on Tuesday at $91.50.
Latest Ratings for EW
|Jan 2016||SunTrust Robinson Humphrey||Upgrades||Neutral||Buy|
|Jan 2016||Evercore ISI Group||Initiates Coverage on||Hold|
|Dec 2015||Credit Suisse||Maintains||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.