Nevro downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Nevro to Sector Perform from Outperform with a price target of $20, down from $23. The firm believes Nevro is progressing under its new leadership but its latest checks have been more cautious, noting that the salesforce turnaround may take longer to pan out, competitive dynamics are at play, and the HFX iQ value proposition is “harder to see.” RBC says its latest checks on Nevro “have been less bullish.” The analyst now believes the company’s transition may take longer to pan out.