Credit Suisse Upgrading Edwards Lifesciences

Credit Suisse is out with a research report on Edwards Lifesciences Corp. EW and is upgrading shares to Outperform from Neutral, but is lowering its price target to $81 from $83. In a note to clients, Credit Suisse writes, "Recent Underperformance Presents Buying Opportunity: Following the PARTNER 1B (surgically ineligible) FDA Adcom Panel EW shares have underperformed (down 14% vs. the S&P 500 and 30% in absolute terms). The Panel's cautious tone increased the perceived risk surrounding US transapical (TA) transcatheter aortic valve implant (TAVI) approval as well as off-label TAVI adoption. However, at current levels we believe the worst case outcomes regarding these variables are already priced in and see upside to owning EW. As a result we are upgrading to Outperform (from Neutral)." Shares of EW closed at $66.09 yesterday.