Piper Jaffray Reiterates Neutral Rating on Edwards Lifesciences (EW)

Piper Jaffray is out with a brief research note this morning, where it reiterates its Neutral rating on Edwards Lifesciences (NYSE: EW); it also reiterated its $53.00 price target on the stock.

The Piper Jaffray analysts noted, “We have adjusted our model to reflect current Fx trends. We have increased F10 sales by $9MM and F11 sales by $23MM. There are no changes to our EPS estimates.”

They noted, “We rate EW a Neutral with a price target of $53 based on ~25x our C11E EPS of $2.10.”

Risks to achieving the price target include, “a slowdown in market uptake of core products, reimbursement and competitive risks to Sapien in the EU and FDA approval delays of Sapien in U.S.”

Edwards Lifesciences Corporation is a global player in products and technologies designed to treat advanced cardiovascular disease. The company is focused specifically on technologies that treat structural heart disease and critically ill patients.

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