Barclays on Edwards Lifesciences (EW): Q3 Approval Likely, But Staying Sidelined

Barclays maintains an 'Equalweight' on Edwards Lifesciences (NYSE: EW) price target of $90.00 (from $80.00).

Analyst, Matthew Taylor, said, "Given the panel vote, we are de-risking our 2012 and 2013 estimates and raising numbers in anticipation of a Cohort A approval in the 2H (3Q12 is likely, in our view). Most notably, we are increasing our US TAVR sales estimate by $30 MM to reflect a stronger initial SAPIEN ramp than we had anticipated."

"Net-net, despite the positive result we think that the good news was mostly priced in at these levels (we had estimated a 75% probability of a favorable recommendation for TF and TA approval) and remain on the sidelines."

Barclays raises FY12 EPS estimate by $0.04 to $2.66 and FY13 by $0.07 to $3.43.

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 $90.54 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Freedom Broker Double Downgrades Mosaic (MOS) to Sell
• Needham Reiterates Buy Rating on Lucid Diagnostics Inc (LUCD)
• Benchmark Reiterates Buy Rating on Global-E Online Ltd (GLBE)