UPDATE: Canaccord Genuity Raises PT to $115 on Edwards Lifesciences Ahead of Q4 Results
Canaccord Genuity reiterated its Buy rating on Edwards Lifesciences (NYSE: EW) and raised the price target from $109.00 to $115.00.
Canaccord Genuity noted, "We expect strong sequential US sales growth in Q4 (44%E), driven by TF TAVI uptake in Cohort B patients and initial uptake in Cohort A-high risk patients. While we expect tepid growth in Europe (4% Y/Y) - reflecting austerity measures, pricing pressure, and new competitive valves – we think Q4 results will show meaningful improvement from the weak Q3, as we think registry data in H2/12 boded well for SAPIEN vs. CoreValve and also think EW's share of transaortic market (TAo) improved."
Edwards Lifesciences closed at $93.41 on Friday.
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