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NVRO

Nevro

$45.65

(0.00%)

09:41
11/06/18
11/06
09:41
11/06/18
09:41

Nevro downgraded to Underweight on lower market growth view at Morgan Stanley

As previously reported, Morgan Stanley analyst David Lewis downgraded Nevro to Underweight from Equal Weight, calling the company's suggestion that market growth would be materially lower in 2019 at 5%-8% versus mid-teens the "biggest surprise on the quarter." He is skeptical the issues can all be accounted for by the market and believes less differentiation and commercial execution failures at Nevro may be the primary culprit, Lewis tells investors. He cut his 2019 revenue estimate by 6%, reflecting 8% year-over-year growth, and lowered his price target on Nevro shares to $43 from $65.

NVRO Nevro
$45.65

(0.00%)

11/06/18
WELS
11/06/18
NO CHANGE
Target $50
WELS
Market Perform
Nevro price target lowered to $50 from $62 at Wells Fargo
Wells Fargo analyst Larry Biegelsen lowered his price target for Nevro to $50 from $62 following quarterly results. While Q3 results were "solid," Q4 outlook and market commentary disappointed, he contends. The analyst reiterates a Market Perform rating on the shares.
11/06/18
ADAM
11/06/18
NO CHANGE
Target $63
ADAM
Buy
Nevro price target lowered to $63 from $80 at Canaccord
Canaccord analyst Jason Mills lowered his price target on Nevro to $63 from $80 following its in-line Q3 results. The analyst said the recent selloff has led to a significant multiple contraction and is an overreaction in his view. He likes its current valuation, positive macro trends, strong improving reimbursement environment, improving cash burn rates, and large under-penetrated market. Mills maintained his Buy rating on Nevro shares.
11/06/18
BMOC
11/06/18
NO CHANGE
Target $60
BMOC
Outperform
Nevro price target lowered to $60 from $76 at BMO Capital
BMO Capital analyst Joanne Wuensch lowered her price target on Nevro to $60 after its Q3 earnings miss and the management's guidance of FY18 revenue at the low end of its prior range. The analyst adds that investors will likely be disappointed by the company's U.S. market unit growth rate slowing to 5%-8% in Q3 from 20% in 2017. Longer term, Wuensch kept her Outperform rating on Nevro, stating that the 3.0-times forward revenue valuation suggests that the market expectations are "already quite low", even as its "pipeline data continues to build".
11/06/18
MSCO
11/06/18
DOWNGRADE
MSCO
Underweight
Nevro downgraded to Underweight from Equal Weight at Morgan Stanley

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