Wells Fargo Cuts Price Valuation Range on Edwards Lifesciences (EW), Slowing Market Trend

July 25, 2011 12:16 PM EDT
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Price: $111.96 +3.21%

Rating Summary:
    23 Buy, 14 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 26 | Down: 14 | New: 72
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Wells Fargo is maintaining its Outperform rating on shares of Edwards Lifesciences (NYSE: EW), but is cutting its valuation range from $102-$104 to $86-$88.

During the Q2 conference, management noted that a national coverage decision may be made sooner than expected, and the firm believes that transcatheter aortic valve implantation now could be opened as soon as the second half of 2011. They also indicate that the national coverage decision would restrict reimbursement to the Sapien label to prevent indication creep.

The firm believes that the uptake for transcatheter aortic valve implantation in the U.S. will be lower than previously expected because stroke has emerged as a more important complication; reimbursement is likely to be more restrictive; and expansion into lower risk patients will occur about 2 years later than we previously modeled.

Wells Fargo calls transcatheter aortic valve implantation, "the most compelling opportunity in the cardio device space."

For more ratings news on Edwards Lifesciences click here and for the rating history of Edwards Lifesciences click here.

Shares of Edwards Lifesciences closed at $77.91 yesterday.


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