UPDATE: Credit Suisse Upgrades Edwards Lifesciences to Outperform

Credit Suisse raises its rating on Edwards Lifesciences

to Outperform from Neutral on more attractive risk/reward, but lowers its price target by $2 to $88 on lower estimates. Credit Suisse says, "We're lowering our 2012 US transcatheter aortic valve implant (TAVI) sales/EW EPS to $179M / $2.64 from $234M / $2.77 (guidance is for $200-$260M/$2.70-$2.80). Our 2013/2014 EPS estimates are lowered to $3.48/$4.12 (from $3.54/$4.20). We now assume a 10/12 US PARTNER A approval (previously assumed mid-year approval, inline with EW guidance) given that a 1Q12 panel now appears unlikely especially as the FDA's review of transapical (

) and transfemoral (

) CAP data is likely to take a couple of months, making a March timeline less likely." EW closed at $74.13 a share on Tuesday.