Truist Securities analyst Richard Newitter downgraded Edwards Lifesciences (NYSE: EW) from Buy to Hold with a price target of $82.00 (from $110.00).

The analyst comments: "We D/G EW to HOLD (vs. BUY) on a lower '24-'25 rev growth & EPS outlook (our est.'s move lower) as EW contends w/ a slowing TAVR outlook (could take time to re-accel.) + some incremental acq. dilution in '25 from 2 new deals. We still see longer-term TMTT TAM & TAVR indication expansion prospects. But, the 2H24-2025 rev accel. pathway just took an unexpected step backwards in our view. W/out more confidence in rev/EPS upside to counter the (anticipated) EPS hit from the crit. care sale, we're reluctant to recommend EW on multiple re-expansion prospects alone---especially with the TAVR growth outlook slowing to MSD territory."

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Shares of Edwards Lifesciences closed at $86.95 yesterday.