BTIG Sets New PT of $100 on Edwards Lifesciences (EW); Reports Slight Q3 Miss Amid Lofty Expectations
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BTIG affirms Edwards Lifesciences (NYSE: EW) with a Buy rating and sets a price target of $110 on the stock following Q3 results.
The firm commented today:
Expectations were lofty after multiple beats including Q2 THVs that blew away expectations. We and most others believed intermediate and low risk patients were being pulled forward and done off label. While we have no proof this slowed in Q3, numbers would seem to indicate it did. Also, some analysts on the call asked about reimbursement issues and the fact the CAP was used up more quickly than expected makes one wonder if some centers had reimbursement pushback as enrolling a CAP is more effort than just doing cases if payment is not an issue. While investors expected a beat, mgmt did say the quarter came in as expected and revenue guidance was maintained. We expect shares to open between $80 and $100. Our overall Buy thesis doesn’t change but our forecasts and target multiple both slide. We now offer a PT of $110 and would buy below $95.
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