UPDATE: Citigroup Downgrades Edwards Lifesciences Corp. to Neutral, Lowers PT

In a report published Friday, Citigroup downgraded its rating on Edwards Lifesciences Corp.

from Buy to Neutral, and lowered its price target from $101.00 to $95.00. Citigroup noted, “We rate Edwards Lifesciences (EW) Neutral. The near term ramp in US TAVI will likely take longer to materialize than originally expected despite recent approval of Cohort A, and combined with the macro issues in Europe that continue to add uncertainty to the global TAVI market, we believe visibility on the near-term market opportunity is limited despite believing that the longer-term opportunity remains intact.” Edwards Lifesciences Corp. closed on Thursday at $86.14.