Market Overview

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

Share:

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

DateFirmActionFromTo
Sep 2020Wolfe ResearchInitiates Coverage OnUnderperform
Jul 2020StifelMaintainsBuy
Jul 2020Piper SandlerMaintainsOverweight

View More Analyst Ratings for EW
View the Latest Analyst Ratings

 

Related Articles (EW)

View Comments and Join the Discussion!

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

Latest Ratings

StockFirmActionPT
BIIBRBC CapitalMaintains277.0
RLICompass PointInitiates Coverage On90.0
CSCOWolfe ResearchDowngrades42.0
NKEBarclaysMaintains132.0
GILDRBC CapitalMaintains86.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com