Wells Fargo Downgrades Edwards Lifesciences (EW) to Market Perform; Near-Term Uncertainty And Valuation
EW Hot Sheet
Rating Summary:12 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Wells Fargo downgraded Edwards Lifesciences (NYSE: EW) from Outperform to Market Perform, price target range $81-83 from $91-93.
Wells analyst says, "While we remain bullish on the long-term potential of transcatheter aortic valve implants (TAVI) and we expect EW to maintain its leadership position in this attractive space, we are downgrading our rating on EW mainly due to (1) near-term uncertainty in the uptake of EW’s Sapien in the U.S. (2) poor visibility on Sapien sales outside the U.S. (OUS); and (3) valuation. We reduced our OUS TAVI estimates due to a sharp deceleration in OUS Sapien growth in Q4 2011, which results in a revised valuation range of $81-83...We are lowering our 2012 sales estimate by $48MM to $1,946MM."
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 $80.67 yesterday, with a 52 week range of $61.59-$91.82.
Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!
Wells analyst says, "While we remain bullish on the long-term potential of transcatheter aortic valve implants (TAVI) and we expect EW to maintain its leadership position in this attractive space, we are downgrading our rating on EW mainly due to (1) near-term uncertainty in the uptake of EW’s Sapien in the U.S. (2) poor visibility on Sapien sales outside the U.S. (OUS); and (3) valuation. We reduced our OUS TAVI estimates due to a sharp deceleration in OUS Sapien growth in Q4 2011, which results in a revised valuation range of $81-83...We are lowering our 2012 sales estimate by $48MM to $1,946MM."
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 $80.67 yesterday, with a 52 week range of $61.59-$91.82.
Discover Wall Street's best ratings calls with the pros - Upgrade to Ratings Insider Elite. Free Trial!
You May Also Be Interested In
- UPDATE: UBS Downgrades Wisconsin Energy (WEC) to Neutral; Taking Some Off The Table
- Morgan Stanley Downgrades Green Dot (GDOT) to Equalweight
- Goldman Sachs Downgrades Raytheon (RTN) to Sell; Risk To Back-End Loaded 2012
Create E-mail Alert Related Categories
DowngradesRelated Entities
Wells FargoSign 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!
