Jefferies analyst Matthew Taylor downgraded Edwards Lifesciences to Hold from Buy with a price target of $70, down from $85. The company’s transcatheter aortic valve replacement growth has moderated to 6% in the first half of 2024, leading to a 5%-7% TAVR guide given competition and workflow bottlenecks, the analyst tells investors in a research note. The firm sees modest TAVR growth continuing for Edwards. With dilution from critical care and acquisitions only partially offset, the stock’s valuation looks relatively full, contends Jefferies.
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