Edwards Lifesciences price target lowered to $70 from $87 at Stifel

Stifel lowered the firm’s price target on Edwards Lifesciences to $70 from $87 and keeps a Hold rating on the shares. Despite Q3 results meeting total Edwards expectations, the firm expects investors will focus on “the slight TAVR underperformance” and expects shares to trade lower. Updated 2023 guidance “added some modest confusion,” as Edwards reiterated both sales and EPS guidance, but guided Q4 performance lower, but speaking with management clarified that the lower Q4 guidance was FX related, added the analyst, who sees “little reason for 2024 sales growth acceleration.”