Edwards Lifesciences (EW) Experiences Rubust Heart Valve Sales, Analyst Sees Upside

February 5, 2013 1:05 PM EST
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Price: $96.94 -0.2%

Rating Summary:
    27 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 30 | New: 8
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Jefferies today reiterated a Buy rating on Edwards Lifesciences (NYSE: EW) and raised its price target to $114.00 (from $100.00). The increased price target accounts for solid Q4 results highlighted by strong US Sapien transcatheter heart valve sales.

"While we have tempered our total 2013 US Sapien estimate based solely on stocking/consignment, our commercial unit forecasts move higher as implants are tracking ahead of expectations," said analyst Raj Denhoy.

"Specifically, we now model only marginal net sales contribution for the year from stocking valves which will transition from a tailwind to a headwind over the course of the year as centers move to consignment . . . Importantly, however, based on the 4Q momentum and our physician checks, we have increased our commercial Sapien sales forecast to $361 million from $323 million," added the analyst.

Jefferies models total U.S. Saipien sales of $397 million, compared to management guidance of $390 to $440 million.

For an analyst ratings summary and ratings history on Edwards Lifesciences (NYSE: EW) click here. For more ratings news on Edwards Lifesciences click here.

Shares of Edwards Lifesciences closed at $93.06 yesterday.

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