Oppenheimer Downgrades Nevro Corp (NVRO) to Perform

Oppenheimer analyst Suraj Kalia downgraded Nevro Corp (NYSE: NVRO) from Outperform to Perform.

The analyst comments "Street expectations on NVRO, in our view, are largely baking in: 1) a 4Q19 beat, 2) a "better than consensus" FY20 outlook, 3) positive outcomes with 3-month interim readout of Peripheral diabetic neuropathy (PDN) study, and 4) a positive Omnia launch. Current equity value of $3.7B equates to ~8x our newly introduced FY21 estimate of $470M (9% y/y growth). For comparison, the aggregate medtech universe is currently trading at ~6x forward price/sales at 10% prospective growth. We believe it is prudent to step aside until a more fundamental catalyst emerges that warrants an "even higher multiple" on the stock."

For an analyst ratings summary and ratings history on Nevro Corp click here. For more ratings news on Nevro Corp click here.

Shares of Nevro Corp closed at $118.04 yesterday.

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