Edwards Lifesciences Corp. Rating Lowered to Underweight at JPMorgan Chase & Co. (EW)
Edwards Lifesciences Corp. (NYSE:EW) was downgraded by JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued on Wednesday, TheFlyOnTheWall.com reports. They currently have a $62.00 price objective on the stock, down from their previous price objective of $64.00. JPMorgan Chase & Co.’s price target suggests a potential downside of 3.53% from the stock’s previous close.
The analysts wrote, “We’re lowering rating on shares of Edwards today from Neutral to Underweight. Medtronic’s announcement today that the FDA has elected to review the CoreValve Extreme Risk submission independent of High Risk and without an FDA panel accelerates the timing of CoreValve’s entry in the US by 6+ months. For Edwards, this means that the transition we’ve been talking about of the US market – from monopoly to a duopoly – and the significant step-down in Edwards growth commences not in 1Q15, but 2Q14. Long before this, it’s been our view that Street estimates for 2015-16 – particularly on the top-line – are too aggressive, assuming a sustainability of Edwards TAVI growth that was hard to imagine; and now with the timeline accelerated, the prospects for Edwards’ growth are as well diminished. We’re lowering estimates for 2014-16 and our PT from $64 to $62.”
Other equities research analysts have also recently issued reports about the stock. Analysts at BMO Capital Markets raised their price target on shares of Edwards Lifesciences Corp. from $69.00 to $73.00 in a research note to investors on Tuesday, October 29th. They now have a “market perform” rating on the stock. Separately, analysts at RBC Capital reiterated a “hold” rating on shares of Edwards Lifesciences Corp. in a research note to investors on Tuesday, October 29th. They now have a $75.00 price target on the stock. Finally, analysts at Canaccord Genuity raised their price target on shares of Edwards Lifesciences Corp. from $90.00 to $94.00 in a research note to investors on Tuesday, October 29th. They now have a “buy” rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Edwards Lifesciences Corp. has an average rating of “Hold” and an average price target of $76.13.
Shares of Edwards Lifesciences Corp. (NYSE:EW) opened at 64.27 on Wednesday. Edwards Lifesciences Corp. has a 52-week low of $62.34 and a 52-week high of $94.98. The stock has a 50-day moving average of $72.3 and a 200-day moving average of $70.11. The company has a market cap of $7.216 billion and a price-to-earnings ratio of 19.06.
Edwards Lifesciences Corp. (NYSE:EW) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.02. The company had revenue of $496.00 million for the quarter, compared to the consensus estimate of $490.96 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. The company’s quarterly revenue was up 10.6% on a year-over-year basis. Analysts expect that Edwards Lifesciences Corp. will post $3.06 EPS for the current fiscal year.
Edwards Lifesciences Corporation (NYSE:EW) is focused on technologies that treat structural heart disease and critically ill patients.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.