Edwards Lifesciences (EW): TAVR Miss Drives PT Cut - Jefferies
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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.
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