Edwards Lifesciences (EW) PT Raised to $103 at Canaccord Genuity
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Canaccord Genuity analyst Jason Mills raised the price target on Edwards Lifesciences (NYSE: EW) to $103.00 (from $94.00) while maintaining a Buy rating.
The analyst commented, "EW Q1/21 revenue of $1,217M (+7.8% GAAP Y/Y; +5.0% adjusted CC),beat our estimate of $1,176M and consensus of $1,162M. There was positive Y/Y growth from all segments except US TAVR, which was flat both Y/Y and Q/Q. TAVR was the largest revenue contributor overall at $792M (vs our $781M estimate) and grew 6.7%Y/Y, with US flat Y/Y and OUS growing an estimated 20% Y/Y. TMTT increased both Y/Y (56.7% or 46.1% adjusted CC) and Q/Q (24%) despite still being in the early stages of clinical development. An overview of the multiple clinical and regulatory programs illustrated continued challenges in enrollment for several studies, but also highlighted successes with low-risk TAVR approval in Japan. Despite the outperformance, 2021revenue guidance was maintained, but adjusted EPS guidance was increased by $0.07to $2.07 to $2.27 to basically reflect the Q1/21 beat. Q2/21 guidance reflect full year, with revenue in-line and adjusted EPS above. In sum, we continue to maintain our BUY rating, and we are raising our PT to $103 from $94 due to EW’s continued market dominance in TAVR, large future opportunity in TMTT, and a strong balance sheet that the company is leveraging to fund the significant amount of clinical work (with seven clinical trials enrolling or anticipated to enroll) in FY2021."
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