Edwards Lifesciences (EW): TAVR Miss Drives PT Cut - Jefferies
- Indexes hit record highs as Trump rally continues
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- Lower for longer, ECB scales back asset buys
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Oil rises above $50 on renewed hopes for output cuts
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial 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: Stifel Downgrades Timken (TKR) to Hold
- Verint Systems (VRNT): Big EPS Miss But Hope For Improvement - Oppenheimer
- Mizuho Securities Upgrades Tailored Brands (TLRD) 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!