Nevro price target lowered to $40 from $42 at Truist

Truist analyst Richard Newitter lowered the firm’s price target on Nevro to $40 from $42 and keeps a Hold rating on the shares as part of a broader research note previewing Q1 earnings in MedTech space. The intra-quarter feedback, including the firm’s Q1 hospital utilization survey, leaves Truist bullish on underlying Q1 utilization trends for the sector and confident that MedTech companies will likely deliver in-line or better top-line results with modestly raised organic 2023 revenue outlooks, though the sector’s rally and raised expectations in recent weeks is also already likely reflected to some degree in valuations, the analyst tells investors in a research note.