Nevro initiated with a Neutral at Mizuho

Mizuho analyst Anthony Petrone initiated coverage of Nevro with a Neutral rating and $40 price target. The analyst has received "tepid feedback" from pain physicians on expeditious recovery of the core back and leg spinal cord stimulation market in the first half of 2023. Nevro also faces significant competition in the SCS market, as its peers have deep pockets and continue to innovate, the analyst tells investors in a research note.