EW - Edwards Lifesciences slips as Piper downgrades on challenging setup

• The shares of Edwards Lifesciences ( NYSE: EW ) fell more than ~1% pre-market Monday after Piper Sandler downgraded the heart device maker to Neutral from overweight, citing “a less-than-ideal stock set-up.”
• According to the analyst Adam Maeder, a physician survey indicated a slower than anticipated market growth for transcatheter aortic valve replacement (TAVR) and transcatheter mitral therapies, two of Edwards’ ( EW ) major business areas.
• Noting that the rivalry in the U.S. TAVR market is rising, the analyst slashes the price target on Edwards ( EW ) to $80 from $95 as he cites a challenging stock set-up for the company amid overly bullish guidance and a lack of catalysts for 2023.
• Edwards ( EW ) has lost more than 23% over the past six months underperforming the broader market, as indicated in this graph.
• Seeking Alpha contributor, Horizon Capital argued a few days ago that “earnings multiple for the stock is more reasonable” and the investment at current levels will generate 12.5% in IRR.

For further details see: