Wells Fargo Downgrades NuVasive (NUVA) to Market Perform after Warning
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Price: $39.75 --0%
Rating Summary:
11 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
11 Buy, 21 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Wells Fargo downgraded NuVasive (NASDAQ: NUVA) from Outperform to Market Perform and slashed their price target from $29-$31 to $15-$16 after last night's warning.
"Our sense is that these issues are likely NUVA specific, rather than industry-wide problems, and are consistent with the concerns we had raised in our initiation report in April," the analyst said. "Further, we believe it could take some time for NUVA to recover and to regain investor confidence. As such, we are downgrading shares of NUVA to Market Perform from Outperform as we expect the stock to remain range bound until there is better visibility on the growth outlook, despite what may appear to be attractive valuation based on lower ests (2012/2013 to $0.92/$0.83 from $0.99/$0.94)."
For an analyst ratings summary and ratings history on NuVasive click here. For more ratings news on NuVasive click here.
Shares of NuVasive closed at $22.62 yesterday.
"Our sense is that these issues are likely NUVA specific, rather than industry-wide problems, and are consistent with the concerns we had raised in our initiation report in April," the analyst said. "Further, we believe it could take some time for NUVA to recover and to regain investor confidence. As such, we are downgrading shares of NUVA to Market Perform from Outperform as we expect the stock to remain range bound until there is better visibility on the growth outlook, despite what may appear to be attractive valuation based on lower ests (2012/2013 to $0.92/$0.83 from $0.99/$0.94)."
For an analyst ratings summary and ratings history on NuVasive click here. For more ratings news on NuVasive click here.
Shares of NuVasive closed at $22.62 yesterday.
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