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Fly News Breaks for May 10, 2019
NVRO
May 10, 2019 | 07:24 EDT
Canaccord analyst Jason Mills downgraded Nevro to Hold from Buy and lowered his price target to $50 from $62, saying that while he expected Q1 would be "ugly," results were "a little worse" than he expected. Some of the material Q1 underperformance stemmed from what seemed to be more rampant than normal volume-based ordering programs proactively pushed by the prior sales regime, Mills tells investors in a research note. Meanwhile, Mills notes that competition "is not standing still" and feels a turnaround could be more difficult and take longer than he originally hoped.
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