12:35 AM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price of $99, raised $3, reflects a 32x multiple of our projected '25 EPS estimate, in line with EW's long-term historical forward average. We lift our '24 EPS estimate by $0.03 to $2.78, but keep '25's at $3.09. Q1 2024 EPS of $0.66, vs. $0.62, beat the consensus view by $0.02. TAVR sales rose 8% on a constant currency basis, and procedure trends improved as the quarter progressed, which bodes well for upcoming quarters. Although gross margins narrowed by 150 bps year-over-year, EW attributed much of the reduction to unfavorable foreign exchange. EW raised its '24 revenue growth guidance to the high end of its 8%-10% range. EW plans to spin off its Critical Care business (16% of Q1 sales), which had an unusually high growth rate (14%) in Q1 and is not likely to persist at that pace in our view. We still think the TMTT business has high growth potential and EW continues to innovate in this area with new therapies.