Edwards Lifesciences (EW) Stock Price Target Raised at Canaccord
NEW YORK (TheStreet) -- Shares of Edwards Lifesciences (EW) - Get Report are up by 1.36% to $100.46 on Monday morning, as Canaccord raised its price target to $132 from $123 and maintained its "buy" rating on the stock.
"We revisit our OI leverage analysis, which continues to predict material earnings upside, namely in 2017, and is most important to the stock medium-term, in our view," Canaccord analysts said in an investor note.
On Friday, Edwards Lifesciences and its CardioAQ Valve Technologies company was awarded a $70 million settlement in a Boston federal court against former service provider Neovasc (NVCN). A jury found that Neovasc breached its nondisclosure agreement, misappropriated CardiAQ's trade secrets and breached its duty of honest performance to CardiAQ.
"While still (in its) early days, we think TMVR (Transcatheter mitral valve repair) may begin to flow into Edwards Lifesciences' valuation in the wake of this decision, coupled with near-term progress in human feasibility studies and CE Mark study commencement, which we expect soon," Canaccord stated, referring to the settlement.
Edwards Lifesciences is an Irvine, CA-based manufacturer of heart valve systems, focused in technologies that treat structural heart disease and critically ill patients.
Separately, TheStreet Ratings rated Edwards Lifesciences as a "buy" with a score of A-.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.
Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that are rated.
The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance and good cash flow from operations.
Although no company is perfect, currently TheStreet Ratings do not see any significant weaknesses which are likely to detract from the generally positive outlook.
You can view the full analysis from the report here: EW
