EW - Edwards Lifesciences downgraded to market perform at Raymond James on growth challenges

• Raymond James has downgraded Edwards Lifesciences ( NYSE: EW ) to market perform from outperform due to concerns over slowing growth for transcatheter aortic valve replacements (TAVR).
• The firm also withdrew its price target.
• Although TAVR are growing 8%-9%, that's not enough to move the needle on estimates, says analyst Jayson Bedford.
• "We believe the narrative on the stock becomes more defensive, until U.S. TAVR growth sustainably accelerates or the rich pipeline gets closer to commercialization," he wrote.  U.S. TAVR represents ~40% of sales.
• Edwards ( EW ) "should trade at a premium to its high single-digit growth peers (its earnings quality is much higher than peers), but with affirmation of the bull case not likely until 2H23, we see fewer catalysts to drive multiple expansion," Bedford added.
• The stock is down 3% in Monday morning trading.
• Check out this new assessment of Edwards ( EW ) from Wedgewood Partners.

For further details see: