Edwards Lifesciences (EW) PT, Estimates Raised at Piper Jaffray Ahead of Q2 Print

Piper Jaffray analyst Brooks West reiterated an Overweight rating and bumped his price target on Edwards Lifesciences (NYSE: EW) to $94.00 (from $88.00) ahead of earnings after the close on Tuesday July 29.

West comments, "We are modestly reducing our Q2 estimate for US Sapien by $3M to $73.5M due to the late Q2 (June 16) US approval of Sapien XT and our checks that point to share gains by MDT in the quarter due both to an aggressive launch and the exclusivity of the 18F delivery profile of the CoreValve device (prior to XT approval). We are also adding $5.1M of MDT royalty in the quarter (based on the 5/20 settlement). This brings our overall Q2 revenue estimate to $549.3M from $547.1M, and our EPS from $0.78 to $0.80."

FY 2014 EPS goes up from $3.11 to $3.27 and FY 2015 EPS up form $3.59 to $3.83.

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 $85.00 yesterday.

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