Wolfe Research downgraded Edwards Lifesciences to Underperform from Peer Perform with a $57 price target. The analyst sees risk of U.S. transcatheter aortic valve replacement disappointment in the next two years as the category matures and competition rises. The firm also sees the Street’s mid-term margin model for Edwards Lifesciences as too optimistic. It sees risk that the company’s 2024 guidance next week starts below Street estimates.
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