Nevro upgraded to Buy from Hold at Canaccord

Canaccord analyst William Plovanic upgraded Nevro to Buy from Hold with a price target of $67, up from $41. The analyst is bullish on the company’s painful diabetic neuropathy business, which he says now has the maturity and scale to offset weakness in the core spinal cord stimulation business. If the SCS market "simply stabilizes," which Canaccord expects, Nevro should report "solid" mid-teens sales growth in 2023 for the overall business, Plovanic tells investors in a research note. The analyst continues to view the company as having the most differentiated therapy and clinical data compared to peers.