Edwards Lifesciences (EW) PT Lowered to $80 at Barclays

Barclays analyst Matt Miksic lowered the price target on Edwards Lifesciences (NYSE: EW) to $80.00 (from $90.00) while maintaining a Overweight rating.

The analyst comments "What to Do with the Stock Here? We expect increasing interest in EW as we approach TCT (Oct 27-31), given the two key clinical catalysts scheduled for readout at the meeting (EARLY TAVR and TRISCEND II 12-mo results), at least of one of which we expect to be positive for the stock. That said, we expect the company's upcoming Q3 results to be an interim step for the stock, resetting 2024 earnings and operating results for continuing operations in the range of $2.30 - 2.40 (excluding ~35-40c from Critical Care), setting the stage for 2025 EPS in the range of $2.45 - 2.65 (our new 2025 EPS estimate is $2.56). We remain constructive on EW and view the stock as attractively valued at current levels, however we see the potential for increased volatility, driven by potential further downward revisions of Street estimates for 2025 and beyond (cons 2025 EPS estimates are currently $2.81). As a result, we would view any weakness in the stock between now and TCT to be a buying opportunity, and expect the stock to re-rate higher in late 2024, driven by the company's annual December Investor Meeting, and increased clarity over the company's intermediate and long-term growth goals. We reiterate our Overweight rating, reducing our target from $90 to $80."

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