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UPDATE: J.P. Morgan Downgrades Edwards Lifesciences Corp. as Street Estimates Are Too High

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UPDATE: Morgan Stanley Raises PT On Edwards Lifesciences Corp., Say Upside Now Tied To Bull Case
Credit Suisse Raises 2015 TAVI Estimates for Edwards Lifesciences Corp.

In a report published Wednesday, J.P. Morgan analyst Michael Weinstein downgraded the rating on Edwards Lifesciences Corp. (NYSE: EW) from Neutral to Underweight, and lowered the price target from $64.00 to $62.00.

In the report, J.P. Morgan noted, “We're lowering rating on shares of Edwards today from Neutral to Underweight. Medtronic's announcement today that the FDA has elected to review the CoreValve Extreme Risk submission independent of High Risk and without an FDA panel accelerates the timing of CoreValve's entry in the US by 6+ months. For Edwards, this means that the transition we've been talking about of the US market – from monopoly to a duopoly – and the significant step-down in Edwards growth commences not in 1Q15, but 2Q14. Long before this, it's been our view that Street estimates for 2015-16 – particularly on the top-line – are too aggressive, assuming a sustainability of Edwards TAVI growth that was hard to imagine; and now with the timeline accelerated, the prospects for Edwards' growth are as well diminished. We're lowering estimates for 2014-16 and our PT from $64 to $62.”

Edwards Lifesciences Corp. closed on Tuesday at $69.86.

Latest Ratings for EW

Dec 2014BarclaysMaintainsEqual-weight
Dec 2014Bank of AmericaMaintainsNeutral
Dec 2014Morgan StanleyMaintainsEqual-weight

View More Analyst Ratings for EW
View the Latest Analyst Ratings

Posted-In: J.P. Morgan Michael WeinsteinAnalyst Color Downgrades Analyst Ratings


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