Edwards Lifesciences downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Adam Maeder downgraded Edwards Lifesciences to Neutral from Overweight with a price target of $80, down from $95. Piper’s doctor survey suggests slower than expected transcatheter aortic valve replacement and transcatheter mitral market growth in future years, the analyst tells investors in a research note. The firm believes the U.S. TAVR market is becoming increasingly competitive and sees a "less-than-ideal" stock setup behind what it views as "lofty" 2023 guidance from Edwards. It expects the shares to be rangebound over the next 12 months.