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Fly News Breaks for February 21, 2019
SNN, NUVA
Feb 21, 2019 | 05:11 EDT
NuVasive's (NUVA) 2019 sales outlook was reset last night, as management shifted to mid-single-digit growth rates versus previous commentary that called for high-single-digit growth, Piper Jaffray analyst Matt O'Brien tells investors in a research note. The analyst believes that with a new CEO at the helm, leadership "established a beat-and-raise scenario given the company's numerous tailwinds from ongoing and expected product launches." Furthermore, the guidance disproves the Smith & Nephew (SNN) takeout speculation, O'Brien contends. However, he believes new management has a realistic outlook that "will be supported by a rigorous approach for driving top-line acceleration and margin expansion looking out." The analyst keeps an Overweight rating on NuVasive with a $70 price target.