Wells Fargo Upgrades Edwards Lifesciences (EW) to Outperform; Final TAVR NCD A Win, More Catalysts To Follow

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Wells Fargo upgraded Edwards Lifesciences (NYSE: EW) from Market Perform to Outperform, price target range increased from $81-83 to $103-104.

Analyst, Larry Biegelsen, said, "We are upgrading EW shares because (1) the 2012 guidance for Sapien was reset to a more reasonable level in our view, on the Q1 2012 earnings call; (2) the final CMS national coverage decision (NCD) issued after the close on May 1 should improve the reimbursement for Sapien in the US; (3) the PARTNER Cohort A FDA panel on 6/13 and subsequent approval of Sapien for high risk patients this fall should further accelerate sales of Sapien; and (4) EW’s leading transcatheter aortic valve replacement (TAVR) pipeline should become more visible next month at EuroPCR in May."

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 $84.78 yesterday, with a 52 week range of $61.59-$91.50.

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