UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Edwards Lifesciences Corp. on 1Q13 Results

In a report published Wednesday, BMO Capital Markets analyst Joanne K. Wuensch reiterated a Market Perform rating on Edwards Lifesciences Corp.

, but lowered the price target from $90.00 to $78.00. In the report, Wuensch noted, “EW reported 1Q13 results that missed on the top and bottom lines, and lowered 2013 guidance. Revenue was $497 million (up 8.2%; up 10% ex-fx), below the consensus's $519 million. THV sales of $170 million (up 40%; up 39% ex-fx, versus consensus's $171 million) included: US sales of $83 million (up 103%) that fell short of the consensus's $91 million, while OUS sales of $87 million (up 7.6%; up 6.9% ex-fx) were ahead of the consensus's $83 million. EPS of $0.72 (up 36%) were also below the consensus's $0.76. Management lowered 2013 guidance, including: revenue of $2.0-$2.1 billion (down from $2.1-$2.2 billion) and EPS of $3.00-$3.10 (down from $3.21-$3.31, and the consensus's $3.27).” Edwards Lifesciences Corp. closed on Tuesday at $82.81.