UPDATE: UBS Downgrades Edwards Lifesciences (EW) to Neutral; TAVI Outlook Strong, But Already Priced In

(Updated - June 26, 2012 10:42 AM EDT)

UBS downgraded Edwards Lifesciences (NYSE: EW) from Buy to Neutral. PT raised from $98 to $107.

Analyst, Rajeev Jashnani, said, "EW is one of the best growth stories in med tech & is poised to maintain a strong position in the fast-growing TAVI segment for several yrs as the US & Japanese markets open up. Stock has been de-risked after recent 1A panel & there is probably upside to numbers in the near-term. That said, the long-term outlook drives our valuation & favorable TAVI adoption seems reflected in the stock price (on 2013, 29x P/E, 3% FCF yield) hence we downgrade."

Jashnani sees 2012 global TAVI market at $900 million and increasing to $3.1 billion by 2017. Jashnani maintains FY12 EPS estimate of $2.66, but raises FY13 from $3.32 to $3.51.

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 $102.15 yesterday.

---

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

---

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Zedcor Inc (ZDC:CN) PT Raised to Cdn$7.75 at Desjardins
• Indigo Paints (INDIGOPN:IN) PT Raised to INR1,300 at ICICI Securities