Deutsche Bank upgraded Edwards Lifesciences to Buy from Hold with a price target of $103, up from $86. The firm is increasingly confident in Edwards’ ability to deliver 10% annual organic revenue with leveraged earnings growth of 15% over the next five years following an analysis of the company’s structural heart end markets. Edwards is well positioned among the premium growth stories across large cap medical technology over the next few years, the analyst tells investors in a research note. Deutsche says the upgrade is solely based upon gains from Evoque with only upside if U.S. transcatheter aortic valve replacement returns to management’s guidance.
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