Gabelli Raising Estimates On Edwards Lifesciences Corp (EW)

Gabelli & Co. is raising its estimates on Edwards Lifesciences Corp

following earnings. In a note to clients, Gabelli writes, "We are raising our 2011 EPS estimate to $2.05 from $1.95, as gross margins will be at the low end of guidance due to FX, but higher revenue and operating leverage more than offset this. Results for the 1Q showed a notable acceleration in the business with sales up 18.8% to $404.5 mm. US surgical procedure volumes appeared to recover and the company likely gained market share worldwide, despite increasing competition. Edwards continues to perform extremely well but we simply feel the shares already reflect a successful Sapien launch in the US. 2012 PMV of $68." Shares of EW are up $3.67 to $88.03, a gain of 4.35% in pre-market trading.