JP Morgan analyst Michael Weinstein published a report on Edwards Lifesciences EW that maintained its Neutral rating and lowered the price target from $88 to $82.
JP Morgan reported that, “We view TAVR as one of the most exciting opportunities in MedTech over the next
decade, with WW sales projected to approach $1.7B by 2016. Edwards is uniquely
positioned to lead the way in this market, in our view. While questions about the
ultimate pace of market expansion persist, we also believe Edwards has the potential
to drive industry-leading growth over the next few years as it reaps the benefits of the
Sapien US launch. Our model calls for the company to post a 15% EPS CAGR in
2013-2016, making it arguably the most attractive growth story in the industry over
the next few years. As a result, despite the fact that EW shares currently trade at
26.6x our NTM EPS estimate and 17.2x NTM EBITDA, making it the most
expensive stock in our mid to large-cap coverage universe, we see the risk/reward for
the shares as at least balanced at current levels.”
Shares of Edward Lifesciences closed at $81.92 on Thursday.
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