
Edwards Lifesciences Corp. (NYSE:EW) finally a little love from The Street when Goldman Sachs upgraded the med-tech giant to "conviction buy," which means Sachs expects the stock to outperform.
That’s good news for Irvine, Calif.-based Edwards, whose stock has consistently slumped on bad news for the past month. Equities analysts Rodman & Renshaw just downgraded the company from "market perform" to "underperform" late last month.
Share price has managed to inch upwards to $64.56, about 1 percent higher than yesterday’s close but still a far cry from an early July peak upwards of $90.
Beginning in mid-July, EW began giving back previous gains on Wall Street, starting around the time the company announced a 18 percent sales boost during its second quarter. Shares continued to slide as an FDA panel announced a positive vote on Edwards’ Sapien transcatheter heart valve.
Sachs noted a price target of $84 with a suggested upside for 23 percent for Edwards. which ranked 46th on the MassDevice Big 100 list of the world’s largest medical device companies.