Stifel analyst Rick Wise downgraded Edwards Lifesciences to Hold from Buy with a price target of $75, down from $95. The stock is down 43% year-to-date and already reflects some slower-than-expected U.S. TAVR growth and a slower TAVR market, the analyst tells investors in a research note. Wise adds however that his downgrade follows conversations with ten implanting physicians asserting that until a new TAVR indication is approved, growth will be limited due to patient population aging. The analyst further warns that TAVR growth rates may be-base lower for longer than consensus is estimating.
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