Jefferies Reiterates Buy on NuVasive (NUVA) Following 3Q Report
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Jefferies reiterated a Buy rating and $72.00 price target on NuVasive (NASDAQ: NUVA) following the company's 3Q earnings report. For the year, the company is now guiding to $952mn in sales (down from $962mn). Components of this include the US capital stocking issue of $3.5mn and the negative impact to Japanese sales from the dilator reclassification. Despite the minor hiccup and the first case of guidance being lowered in recent memory, the NUVA story is largely intact.
Analyst Raj Denhoy commented, "3Q sales came in $3mn shy of guidance ($240mn v. ~$243mn); EPS was in line at $0.40. The top-line miss was $3.5mn in US capital and stock orders that did not materializing as expected. For FY16, revenue guidance was lowered by $10mn to reflect this $3.5mn plus $6mn in previously expected XLIF sales from the delay of a dilator reclassification in Japan. The issues in 3Q are transitory and the share gain and profit improvement story at NUVA is firmly intact."
Shares of NuVasive closed at $65.43 yesterday.
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