Bernstein SocGen Group Upgrades Edwards Lifesciences (EW) to Market Perform
Bernstein SocGen Group analyst Lee Hambright upgraded Edwards Lifesciences (NYSE: EW) from to Market Perform.
The analyst comments "Our previous Underperform call on EW was based on the view that the TAVR market was experiencing slowing growth and increased competition. Now as investor expectations have come down for TAVR and as EW’s 2025 outlook is starting to come into focus, we see risk/reward as more balanced, and we upgrade EW to Market-Perform. TAVR settling out at 5%-7%. Backing out the 160bp selling day tailwind, global TAVR growth was 5.6% organic in 3Q24, down from 6.6% organic in Q1 and 5.8% in Q2. We forecast EW TAVR growth of ~6.5% in 2025 (~1% below consensus), and we believe buy-side expectations have largely adjusted to this new reality. EW expects Q4 TAVR growth below the 5% to 7% range due to impact from hurricanes in the southeast and a one-time China distributor rebate adjustment of about ~$5mn"
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Shares of Edwards Lifesciences closed at $69.38 yesterday.