Stifel Downgrades Edwards Lifesciences (EW) to Hold
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Stifel analyst Rick Wise downgraded Edwards Lifesciences (NYSE: EW) from Buy to Hold with a price target of $75.00 (from $95.00).
The analyst comments "We're moving our Edwards rating to Hold from our prior Buy recommendation. Year-to-date stock performance, down -43%, argues that EW shares already reflect to some extent slower than-expected 2022 US TAVR growth and more-broadly, a slower TAVR market growth outlook. Despite this, we're downgrading the stock now following our in-depth conversations with 10 TAVR implanting physicians due to their repeated assertion that until a new TAVR indication is approved, growth will be limited to regular patient population aging rather than untapped aortic stenosis patient pools. Given this cautionary physician commentary and the absence of other imminent major positive stock-driving catalysts, we simply feel more comfortable with a Hold rating. Bottom line: Given the uncertain timing and magnitude of US TAVR growth re acceleration, and potential asymptomatic and moderate-aortic-stenosis indications arriving late decade at best, we're worried that TAVR growth rates may re-base lower and for longer than Street numbers currently contemplate."
Shares of Edwards Lifesciences closed at $73.85 yesterday.
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