Nevro price target lowered to $12 from $15 at Piper Sandler

Piper Sandler lowered the firm’s price target on Nevro to $12 from $15 and keeps an Underweight rating on the shares. The firm notes Nevro announced Q1 results that include revenue of $101.9M, slightly ahead of consensus. Piper understands that price was a positive contributor in the quarter and that Nevro also benefited from some replacement SCS procedures. On the guidance front, management reaffirmed its FY 2024 revenue guidance of $435-445M and raised its adjusted EBITDA outlook to between. However, the Q2 top-line guide came in below the Street and implies a bit of a steep ramp in the second half of the year.