Edwards Lifesciences (EW) Likely to Win German Injunction in Dispute W/ Medtronic (MDT)

June 10, 2013 11:33 AM EDT Send to a Friend
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Price: $123.50 -1.51%

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    15 Buy, 14 Hold, 1 Sell

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    Up: 13 | Down: 18 | New: 41
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Canaccord Genuity today maintained a Buy rating on Edwards Lifesciences (NYSE: EW) price target of $85.00. Analyst Jason R. Mills thinks the German District Court of Mannheim will issue an injunction decision in the coming weeks in connection with a patent infringement suit between Medtronic (NYSE: MDT) and Edwards Lifesciences.

"We think there is a better than average chance EW will prevail, which would bar MDT CoreValve from Europe’s largest TAVI market," said Mills. "Status quo (i.e., no injunction) would be neutral to the stock, but we think an EW win could propel shares toward our $85 target, as it could equate to an annualized $50M in revenue and $0.15-.20 EPS. Our research suggests MDT has been more aggressive in recent months trying to sell a longer-term supply of CoreValve units; perhaps seeking to offset lost sales in the event of a potential injunction."

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 $67.20 yesterday.


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