Edwards Lifesciences initiated with a Neutral at UBS

UBS analyst Danielle Antalffy initiated coverage of Edwards Lifesciences with a Neutral rating and $84 price target as part of a sector note on U.S. Medical Supplies and Devices. The firm sees limited upside to U.S. Transcatheter Aortic Valve Replacement sales until indication expansion in 2025, and sees potential downside to the U.S. PASCAL ramp in Transcatheter Mitral & Tricuspid Therapies, the analyst tells investors in a research note. UBS sees limited multiple expansion pending a clearer view on TAM expansion potential with the late 2024 EARLY-TAVR trial readout in asymptomatic patients.