Nevro downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Robbie Marcus downgraded Nevro to Neutral and lowered his price target for the shares to $45 from $77. Nevro posted Q3 results that beat conservative expectations, but "this was more than offset by first-time color on 2019 growth that came in well below consensus," Marcus tells investors in a post-earnings research note. The analyst believes Street numbers for 2019 revenue growth need to come down to the high-single-digit range from low-double-digits currently, and he wouldn't be surprised to see out-year expectations lowered to a similar range given the commentary. Marcus still believes Nevro's longer term outlook is attractive, but is stepping to the sidelines "with growth looking to slow meaningfully for at least the next few quarters."