Piper Jaffray analyst Brooks West raised his price target on Overweight-rated Edwards Lifesciences (NYSE: EW) to $123.00 (from $97.00) following another 'beat and raise' quarter.

West commented, "Edwards Lifesciences posted a strong beat-and-raise 1Q16 including revenue of $697.3M vs. consensus $664.2M (+20% y/y) and adjusted EPS of $0.71 vs. consensus $0.66. Transcatheter revenue of $366M (+37% y/y) was well ahead of consensus estimates of $341.0M (US $214.7M vs. consensus $188.7M). Critical Care revenue of $134M (+7%) was ahead of consensus of $126M and Surgical Heart Valves were slightly below at $196M (-0.5% y/y) vs. consensus $197M. Like clockwork, EW raised its guidance ranges for revenue and EPS above current consensus estimates for both 2Q and FY16 (details on page 3). With the impressive Partner 2A intermediate risk patient trial data presented at ACC earlier this month giving EW confidence in a 4Q16 approval and launch (providing a one-year head start on intermediate risk over MDT) it’s hard to see where the wheels come off despite a seemingly rich valuation."

The firm raised FY 2016 EPS from $2.65 to $2.75 and FY 2017 EPS from $3.14 to $3.29.

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Shares of Edwards Lifesciences closed at $108.84 yesterday.