UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT for Edwards Lifesciences

In a company update published earlier today, the Goldman Sachs Group, Inc. reiterated its Buy rating for Edwards Lifesciences LLC (NYSE: EW) and raised its price target from $102.00 to $109.00, related to the recent circulatory devices panel's recommendation to approve EW's new Sapien Transcatheter Heart Valve.

Goldman Sachs went on to say “The panel's overwhelmingly positive outcome combined with further data and next generation devices lead us to believe that Edwards will obtain several expanded indications for use in lower risk patients over time. As such, we are raising our penetration estimates in the surgical population (PARNTER A) cohort in 2014 (assumed approval of new indication) and 2015 in addition to adjusting our SG&A assumptions for 2013-2015. Specifically, we are raising our PARTNER A penetration forecasts by 100bp in each of 2014 and 2015 to 7.5% and 14%, respectively.”

Edwards Lifesciences LLC closed on Friday at $97.52.