Edwards Lifesciences (EW) PT Raised to $140 at Canaccord Genuity
Canaccord Genuity analyst Jason Mills reiterated a Buy rating and raised his price target on Edwards Lifesciences (NYSE: EW) to $140.00 (from $132.00) following the latest 'beat and raise'.
Mills commented, ""We view EW as one of the most attractive large-cap growth ideas in med-tech, owing to its 1) dominance of the TAVI market, about which we remain bullish on growth and EW share; 2) large TAVI TAM (current $2B market less than 30% penetrated), with significant market expansion potential stemming from additional intermediate/low-risk indications (growing to $5B by 2021E); 3) strong potential for operating margin leverage into the mid-30s (from high 20s currently), implying double-digit EPS growth could continue for several years; and 4) strong product offering in the mitral repair/replacement arena, a market that we believe can develop to be 3-4x the size of the TAVI opportunity in the long-term (10-15 years)."
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Shares of Edwards Lifesciences closed at $108.35 yesterday.