Barclays analyst Kristen Stewart raised her price target for Edwards Lifesciences to $160 from $150 after the Partner 3 data that showed the Sapien 3 transcatheter aortic valve was superior to surgery in low risk patients. While the market was broadly expecting superiority, results were very good across the board and better than many expected, Stewart tells investors in a research note. The analyst, however, maintains an Underweight rating on Edwards Lifesciences. She believes the stock is more than pricing the TAVR opportunity and assuming success with mitral. "In this context, we think there could be some risk ahead," Stewart tells investors in a research note.

Sees Q2 revenue $1.62B-$1.7B, consensus $1.64B.

Reports Q1 revenue $1.6B, consensus $1.57B. "Edwards is positioned to extend our leadership and deliver sustainable growth as a result of the strategic investments we have made across our transcatheter platforms to address the large and growing needs of patients impacted by aortic, mitral and tricuspid disease. We are pleased with our total company performance with first quarter sales growth of 10% as more patients were treated with our innovative therapies," said Bernard Zovighian, CEO. "This encouraging start to the year supports our increased 2024 sales guidance. Looking beyond 2024, we remain confident in Edwards' innovation-driven strategy, led by new indications, differentiated technologies and strategic adjacencies for addressing the significant unmet needs of structural heart disease patients."

Pre-earnings options volume in Edwards Lifesciences is 5.5x normal with puts leading calls 10:7. Implied volatility suggests the market is anticipating a move near 4.8%, or $4.27, after results are released. Median move over the past eight quarters is 6.3%.