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Morgan Stanley Modestly Adjusts Share Assumptions For Edwards Lifesciences

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In a report published Monday, Morgan Stanley analyst David R. Lewis reiterated an Equal-Weight rating on Edwards Lifesciences (NYSE: EW).

In the report, Morgan Stanley noted, “Our Edwards numbers are going modestly higher as the positive impact of TAVR royalties is partially offset by lower assumed market share. We have reduced our US share expectations by about 200-300 bps to reflect stronger assumed competition from Medtronic, while our EU share estimates have increased slightly. In addition, we have added the Medtronic TAVR royalty to our model. We assume that Edwards receives the minimum payment of $40 million annually beginning in 3Q14. In all, our EPS estimates have increased to $3.10 in 2014 from $3.05 previously, and to $3.77 from $3.67 in 2015. In 2015, this puts us modestly above the Street in revenue and $0.10 higher than consensus for EPS.”

Edwards Lifesciences closed on Friday at $85.00.

Latest Ratings for EW

DateFirmActionFromTo
Feb 2017BTIG ResearchDowngradesBuyNeutral
Jan 2017GuggenheimUpgradesNeutralBuy
Dec 2016Cowen & Co.MaintainsOutperformOutperform

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Posted-In: David R. Lewis Morgan StanleyAnalyst Color Reiteration Analyst Ratings

 

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