Edwards Lifesciences price target lowered to $92 from $99 at Citi

Citi analyst Joanne Wuensch lowered the firm’s price target on Edwards Lifesciences to $92 from $99 and keeps a Buy rating on the shares. Looking into 2023, "many headwinds remain" for the North America medical supplies and technology group, but these should ease in the second half of next year, alleviating operating margin pressures, Wuensch tells investors in a research note. Thus, the analyst is looking for the stocks "that will swim past the pandemic." She does not anticipate it will be an "easy year" to invest in medical technology, but says it "be one of recovery driven by more level-set expectations and product cycles." WWuensch upgraded Glaukos (GKOS) to Buy from Neutral on the stock pull back and ahead of new products, upgraded Becton Dickinson (BDX) to Neutral from Sell on a more reasonable relative valuation, and downgraded Baxter (BAX) to Neutral from Buy, saying "execution is key." She are also upgrading Pulmonx (LUNG) to Buy from Neutral, and opened a "Positive Catalyst Watch" on Silk Road Medic (SILK), saying upside to Q4 and 2023 guidance can continue the stock’s momentum.