Analysts in Defense of Edwards Lifesciences

Canaccord Genuity said it is lowering its price target to $109 but also said that it is defending Edwards:

… and would accumulate shares below $95/share near term as we remain believers in strong long-term revenue and EPS growth potential from future TAVI uptake … Our new TAVI estimates through 2015 still reflect strong growth, but we inject more conservatism to account for these factors. We think C-A approval will come soon.

Leering Swann said that this creates a rare buying opportunity for a stock that has tripled over the past four years or so. Some of the drop was even tied to rare doctor vacation seasonality with a broad rebound in the fourth quarter expected.

Even Lazard trimmed its target to $100 from $110 but said that any price under $90 represents an attractive entry point.

Edwards Lifesciences shares are down 18% at $87.90 against a 52-week range of $61.59 to $110.79 and the consensus target (may not include the drop today) is almost $106.70 per Thomson Reuters.

JON C. OGG