As previously reported, Oppenheimer analyst Suraj Kalia downgraded Edwards Lifesciences (EW) to Perform from Outperform with no price target Third-party vendor data is suggesting TAVR upside in Q3, but the firm’s downgrade is “more structural in nature” than about expected near-term performance, the analyst tells investors. The firm does not believe two upcoming important readouts for Edwards – the PARTNER-3 7-year follow-up, and ENCIRCLE IDE – will be straightforward and sees the ensuing post-hoc debate potentially painting “a confusing picture,” the analyst warns. The firm is “beginning to question” Edwards long-range plan and the path to get there, the analyst added.
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