Morgan Joseph Initiates Coverage on Edwards Lifesciences (EW) with a Hold; High-Quality Mid-Cap Growth Name
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Morgan Joseph initiates coverage on Edwards Lifesciences (NYSE: EW) with a Hold.
Morgan analyst says, "Shares of EW have traded between 2.3x-3.1x over the past two years, which is in line with the peer comp group range of 0.9x-5.3x. We believe Edwards is a high-quality mid-cap growth name that deserves a premium valuation because of its better than average growth prospects, but that the shares are fairly valued at present. Risks associated with the shares include the timing and success of clinical trials, lack of visibility on the FDA review process, and changes to the healthcare system...New product flow in base business as well. More than 90% of the company's revenue comes from products with number-one market positions, led by the company's tissue valve franchise. Recently launched products include the MAGNA Ease and the Physio II mitral repair system. We estimate that the tissue valve business can grow 7% in 2009 to $632 million, gaining additional market share."
To see all the upgrades/downgrades on shares of EW, visit our Analyst Ratings page.
Edwards Lifesciences Corporation provides products and technologies designed to treat cardiovascular diseases.
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