Barclays on Edwards Lifesciences (EW): Q3 Approval Likely, But Staying Sidelined
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Price: $65.53 -0.29%
Rating Summary:
11 Buy, 14 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
11 Buy, 14 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade EW Now!
Barclays maintains an 'Equalweight' on Edwards Lifesciences (NYSE: EW) price target of $90.00 (from $80.00).
Analyst, Matthew Taylor, said, "Given the panel vote, we are de-risking our 2012 and 2013 estimates and raising numbers in anticipation of a Cohort A approval in the 2H (3Q12 is likely, in our view). Most notably, we are increasing our US TAVR sales estimate by $30 MM to reflect a stronger initial SAPIEN ramp than we had anticipated."
"Net-net, despite the positive result we think that the good news was mostly priced in at these levels (we had estimated a 75% probability of a favorable recommendation for TF and TA approval) and remain on the sidelines."
Barclays raises FY12 EPS estimate by $0.04 to $2.66 and FY13 by $0.07 to $3.43.
For an analyst ratings summary and ratings history on Edwards Lifesciences click here. For more ratings news on Edwards Lifesciences click here.
Shares of Edwards Lifesciences closed at $90.54 yesterday, with a 52 week range of $61.59-$92.30.
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Analyst, Matthew Taylor, said, "Given the panel vote, we are de-risking our 2012 and 2013 estimates and raising numbers in anticipation of a Cohort A approval in the 2H (3Q12 is likely, in our view). Most notably, we are increasing our US TAVR sales estimate by $30 MM to reflect a stronger initial SAPIEN ramp than we had anticipated."
"Net-net, despite the positive result we think that the good news was mostly priced in at these levels (we had estimated a 75% probability of a favorable recommendation for TF and TA approval) and remain on the sidelines."
Barclays raises FY12 EPS estimate by $0.04 to $2.66 and FY13 by $0.07 to $3.43.
For an analyst ratings summary and ratings history on Edwards Lifesciences click here. For more ratings news on Edwards Lifesciences click here.
Shares of Edwards Lifesciences closed at $90.54 yesterday, with a 52 week range of $61.59-$92.30.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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