Leerink initiated coverage of Edwards Lifesciences with a Market Perform rating and $75 price target. Overall, the firm sees a balanced risk-reward setup for Edwards Lifesciences over the next 12 months, with shares likely to experience continued volatility into several key upcoming TAVRspecific catalysts starting at TCT in San Francisco next week that could have significant read-through for EW. Additionally, Leerink’s MEDACorp U.S. TAVR survey results indicate Edwards Lifesciences may see accelerated market share erosion in 2024 as emerging competition gains traction. Looking ahead, the firm sees opportunities for Edwards Lifesciences to accelerate TAVR growth by unlocking incremental commercial opportunities, with topline results from the EARLY TAVR study in asymptomatic severe AS expected in the first half of 2024. However, it remains on the sidelines for now.
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