Piper Sandler lowered the firm’s price target on Nevro to $15 from $24 and keeps an Underweight rating on the shares. The firm notes Nevro reported Q3 results that beat the Street on both the top- and bottom-line. Turning to the remainder of FY23, Nevro raised its revenue outlook by $5.5M to $417-$419M. While Piper senses some potential management conservatism here, Nvero continues to face some challenges in the core SCS business, including slower-than-expected sales of HFX IQ and integrating two new salesforce classes.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on NVRO:
- Nevro price target lowered to $14 from $19 at Baird
- Nevro raises FY23 revenue view to $417M-$419M fro $410M-$415M
- Nevro sees Q4 revenue $108M-$110M, consensus $111.34M
- Nevro reports Q3 EPS (65c), consensus (48c)
- Nevro Reports Third Quarter 2023 Financial Results, Provides Fourth Quarter Guidance and Updates Full-Year 2023 Guidance