Leerink analyst Danielle Antalffy downgraded Edwards Lifesciences to Market Perform from Outperform saying long-term market opportunity remains intact but near-term upside is limited. The analyst believes TAVR represents one of the more exciting new MedTech markets, but the ramp in less sick patient populations may progress at a slower pace than elevated investor expectations. Further, Antalffy believes upside to shares will be limited from here, as "beat and raise" will be more difficult in light of a potentially slower than initially expected intermediate risk ramp and increasing competition. She also lowered her price target on the shares to $105 from $110.