Nevro price target raised to $86 from $70 at Wells Fargo
Wells Fargo analyst Lawrence Biegelsen raised his price target for Nevro to $86 from $70, while reiterating an Outperform rating on the shares. The analyst notes that back July 2019, the judge overseeing Nevro's case against Stimwave issued a preliminary injunction barring the latter from encouraging customers to use high-frequency spinal cord stimulation, set to be in effect until May 2021, at which time there will be a jury trial. On September 24, Stimwave filed its formal motion where it argues that the preliminary injunction was wrongly granted, starting the process of appealing the preliminary injunction, he adds. However, Biegelsen says that according to his patent consultant, the appeal does not look promising for Stimwave and the preliminary injunction should stay in place until the district court runs its jury trial.