Citigroup Reiterates Neutral Rating, $100 PT on Edwards Lifesciences Corp.

In a report published Monday, Citigroup reiterated its Neutral rating and $100.00 price target on Edwards Lifesciences Corp. EW. Citigroup noted, “On Friday (2/1), STJ hosted its 2013 Investor Meeting in NYC and discussed its transcatheter and surgical valve products. STJ is the #3 player in tissue valves (behind EW and MDT) and an early stage player in TAVI. STJ updated its transapical (TA) and transfemoral (TF) aortic programs and noted that its percutaneous mitral valve program had "slowed down" without providing any further details. TAVI timelines included the TF valve (23mm) launching in-line with expectations in 2H12 and a 23mm TA valve launch still expected in 2H13 along with a 25mm valve in TA/TF. Mgmt updated the TAVI program in the US and expects a clinical trial to begin in 2H13 – we still assume a 2015 US launch at the earliest. While STJ appears to be making progress in TAVI, we do not believe it poses a near-term threat to either EW or MDT/CoreValve – both already sell valves in the EU, EW is selling in the US, and EW expects to launch Sapien 3 OUS in 2013.” Edwards Lifesciences Corp. closed on Friday at $93.41.