Edwards Lifesciences (EW) PT Raised to $95 at Mizuho

Mizuho analyst Anthony Petrone raised the price target on Edwards Lifesciences (NYSE: EW) to $95.00 (from $87.00) while maintaining a Outperform rating.

The analyst commented: "EW put up a +$40mn/+$0.05 beat driven by strong performances across the portfolio led by TAVR (+$30mn ahead), which saw growth accelerate to +7.8% cc in 2Q (vs +5.4% cc in 1Q) on a gradual delayed benefit from EARLY TAVR in the US and OUS share gains from the recent competitor market exit. Although little was credited to severe asymptomatic cases directly, the opportunity remains expansive ahead of potential NCD and guideline shifts over the next 1-year plus. With early signs of renewed life in the market, full-year TAVR guide was raised +50bps at the midpoint (revised 6-7%; prior 5-7%). TMTT came in +$6mn ahead of Street on further PASCAL share gains in mitral repair, despite which guidance was left unchanged. All told, complexion of the beat/raise was clean ahead of key catalyst events capable of unlocking both end-markets. Raise #s & PT to $95 (prior $87)."

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