Nevro price target lowered to $17 from $28 at BofA

BofA analyst Travis Steed lowered the firm’s price target on Nevro to $17 from $28 and keeps an Underperform rating on the shares. While the firm contends that current medtech multiples have “likely discounted too much for GLP-1 concerns,” unless expectations change on GLP-1 weight-loss drugs, medtech likely will trade at some discount compared to recent history and the firm lowering some targets in the group to reflect this new discount as well as higher interest rates.