Edwards Lifesciences (EW) PT Raised to $139 at UBS Amid Strong Q2
UBS analyst Matt Miksic reiterated a Buy rating and boosted his price target on Edwards Lifesciences (NYSE: EW) to $139.00 (from $135.00) following strong results after the close.
Miksic commented, "Our intra-quarter checks indicated strong volume growth, contrary to Street concerns over third-party data indicating otherwise. However, EW delivered results that significantly exceeded the magnitude of a beat even we might have contemplated, exceeding our U.S. TAVR estimate by $16 mil and Street estimates by $28 mil. We continue to view the WW growth opportunity for TAVR as unprecedented, with over 2 mil patients WW over the age of 75 suffering from symptomatic severe aortic stenosis, facing 2-year mortality in the 50% range and no alternatives to valve replacement
therapy. Given the preference for less invasive therapies, we see TAVR as having the potential to emerge as standard of care for these patients, which would drive considerable upside to our current $8 bil 2020 estimate ($10 bil in 2025). We reiterate our Buy rating on top pure-play device pick EW, upping our target from $135 to $139. We expect the stock to trade higher on Q2 results and we expect additional outperformance as we approach FDA approval for intermediate-risk patients in Q3."
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Shares of Edwards Lifesciences closed at $108.35 yesterday.