Wedbush Analyst Upgrades Edwards Lifesciences

NEW YORK (AP) — A Wedbush Morgan analyst upgraded shares of heart device maker Edwards Lifesciences Corp. Tuesday, saying the company is profitable, has positive cash-flow and competent management.

Shares of Irvine, Calif.-based Edwards Lifesciences rose $1.50, or 2.3 percent, to $67.26 in midday trading. The stock has traded between $44.76 and $68.28 over the past 52 weeks.

Wedbush analyst Dr. Duane Nash upgraded shares to "Neutral" from "Underperform" while lifting his fair value price for the stock to $64 from $63.

The company is a leader in the development of what seems to be the next generation of heart therapy, he said, citing transcatheter valve replacement technology. An upcoming conference on the technology could give the company a boost, he added.

"Although we believe that Edwards Lifesciences is a remarkably strong company, we are not upgrading further in light of Edwards Lifesciences relatively high valuation with respect to its peer companies, as well as ongoing risk that we see to the transapical arm of the ongoing U.S. Partner trial," he said.