Edwards Lifesciences (EW): TAVR Miss Drives PT Cut - Jefferies
- Wall Street falls as bank, healthcare shares weigh
- Qualcomm (QCOM) Faces U.S. Antitrust Case Over Licensing - Bloomberg
- BAT Reaches Deal to Acquire Reynolds American (RAI) for $49 Billion
- Verizon Communications (VZ) May Acquire Big Cable Company - NYP (CHTR) (CMCSA)
- Citron Research Negative on Lannett (LCI); Sees Shares at 'Zero' Over Long Term
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Jefferies analyst, Raj Denhoy, reiterated his Buy rating on shares of Edwards Lifesciences (NYSE: EW) and cut his price target to $115 from $125 after 3Q saw a $15mn TAVR miss, most pronounced in the EU, but the US was also light.
The analyst stated "In the end the question will come down to whether the quarter is indicative of a change in TAVR adoption trends and market dynamics or if expectations had just gotten too high—we tend to think it is the latter. TAVR was +55% in the US and overall growth was +18%—unmatched in large-cap medtech".
The new PT is based on 30x 2018 EPS, in-line with growth peers. Risks include competition, clinical trials, and pricing.
Shares of Edwards Lifesciences closed at $113.68 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: JPMorgan Downgrades OneMain (OMF) to Neutral
- Wedbush Downgrades Entravision Communications (EVC) to Neutral
- Citi Upgrades Green Dot (GDOT) to Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change, Earnings
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!