Edwards Lifesciences (EW) Lifted to $125 at Piper Jaffray on Continued TAVR Momentum

Piper Jaffray analyst Brooks West reiterated an Overweight rating and boosted his price target on Edwards Lifesciences (NYSE: EW) to $120.00 (from $95.00), saying continued TAVR momentum should yield sustained annual leverage gains.

West commented, "We see Edwards positioned to generate incremental annual operating leverage on multi-year sustained TAVR momentum. Based on multiple recent meetings with EW management and major competitors we believe recent TAVR market momentum will continue behind recent product launches and field infrastructure investments, allowing EW in particular to generate sustainable annual leverage in COGS and SG&A (and to a lesser extent R&D). We are raising our estimates for both EW and the TAVR market and introducing estimates through 2018 (see our separately published TAVR Market Update report also published today). We see potential upside to our model if the market performs to the 15-20% 5-yr growth rate outlined by both EW & MDT, and if speculated follow-up and subsequent approval timelines for Sapien XT or Sapien 3 from Partner 2A come to fruition."

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 $103.59 yesterday.

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