duoogle Citi has upgraded Edwards Lifesciences ( NYSE: EW ) and Tandem Diabetes Care ( NASDAQ: TNDM ) while downgrading Establishment Labs ( NASDAQ: ESTA ) and Nevro ( NYSE: NVRO ) in the wake of their quarterly earnings reports. The investment bank upgraded Edwards to buy and raised its price target to $105, citing stabilization in the company’s transcatheter aortic valve replacement business and building momentum for its transcatheter mitral and tricuspid therapies. “EW is positioned to work well into the end of the year, with a reset base business and optimism on the next leg of growth,” Citi added.
Citi also upgraded Tandem, noting that it was “encouraged” by early progress in the company’s launch of its Mobi insulin delivery system, which the company said was outpacing expectations. The bank also cited “a guidance trend which has shifted from downward revisions to potentially upward ones,” and raised it price target to $57. On the downside, Citi lowered its rating on Establishment Labs to neutral, but maintained its price target of $60, citing the stock’s “dramatic” recovery from a significant pullback in 2023.
It added that it saw expectations as “appropriately set” for the expected US approval of Motiva this year. Citi cut Nevro ( NVRO ) to sell and lowered its price target to $9, citing “ongoing competitive pressures met with slower than expected SCS market recovery.” “While the stock is not expensive by any means, it is unclear to us w.
