Jefferies analyst Raj Denhoy lifted estimates and his price target on Buy-rated Edwards Lifesciences (NYSE: EW) price target of $94.00 (from $72.00) following solid Q1 results.

Denhoy SAID, "1Q TAVR upside was fueled by notable strength in Europe despite more competition. As expected, US TAVR was impacted by CoreValve launch though underlying sales were just a tad below consensus. However, growth should improve with imminent XT approval, and legal developments could dramatically tip the balance in EW’s favor. Given EW’s robust pipeline, legal upper-hand versus MDT, and continued market strength, we remain at Buy."

The firm bumped Q2 EPS from $0.75 to $0.76 and FY 2014 EPS from $2.97 to $3.04. The firm trimmed FY 2015 EPS from $3.64 to $3.63.

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Shares of Edwards Lifesciences closed at $80.27 yesterday.