Wells downgrades Edwards Lifesciences with Medtronic gaining share

Wells Fargo downgraded Edwards Lifesciences to Equal Weight (EW) from Overweight with a price target of $78, down from $97. The analyst sees limited upside to transcatheter aortic valve replacement market growth with Edwards growing below market due to increasing competition. Channel checks and third-party data show Medtronic (MDT) is gaining some share with Evolut FX while Abbott’s (ABT) recently approved Navitor is competing on price and Boston Scientific (BSX) is launching Accurate Neo2 in the U.S. in 2024, the analyst tells investors in a research note. The firms also sees no major TAVR data catalysts for Edwards Lifesciences for almost two years.