Edwards Lifesciences price target raised to $83 from $80 at Piper Sandler

Piper Sandler raised the firm’s price target on Edwards Lifesciences (EW) to $83 from $80 and keeps an Overweight rating on the shares. The firm believes it is a question of when — not if — the TAVR NCD is re-opened, but admittedly timing is difficult to predict. Piper would argue that the recent FDA approval for asymptomatic AS is about as good of an excuse as any to revisit the NCD document. The firm thinks coverage of asymptomatic AS patients under the NCD would be a tailwind to adoption as it would streamline reimbursement for this patient segment. Another reason a reconsideration of the NCD is important is because it would give CMS the chance to re-evaluate and potentially remove the volume requirements to start a new TAVR program. Piper believes there’s a good shot that this gets addressed once the NCD re-opens. More centers should help alleviate some lingering capacity constraints and it thinks translate into more TAVR volumes.